Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-09-2009, 11:37 AM
GLS GLS started this thread
 
1,985 posts, read 5,371,732 times
Reputation: 2472

Advertisements

With a shrinking economy I see increasing numbers of commercials touting reverse mortgages for retirement cash flow. I do know these mortgages have hidden fees and high closing costs. Are any of you planning on getting a reverse mortgage as part of your retirement financial plan? Any experts out there to advise yea or nay?
Reply With Quote Quick reply to this message

 
Old 02-09-2009, 12:36 PM
 
Location: Hawaii and North Carolina
96 posts, read 323,087 times
Reputation: 140
Not an expert, just a normal person. Answer: NO
Reply With Quote Quick reply to this message
 
Old 02-09-2009, 12:41 PM
 
106,238 posts, read 108,237,907 times
Reputation: 79776
These can cost as much as 30 grand in fees to get about 188,000..... they are a rip off and should be a last resort
Reply With Quote Quick reply to this message
 
Old 02-09-2009, 01:36 PM
 
2,317 posts, read 5,120,157 times
Reputation: 1257
sounds like a scam to me...just take an equity...you are probably better off...
Reply With Quote Quick reply to this message
 
Old 02-09-2009, 02:15 PM
 
106,238 posts, read 108,237,907 times
Reputation: 79776
An equity loan has to start to be paid back immeadiatly , that wouldnt accomplish the same thing....

a reverse mortgage is actually a balloon payment loan due at either your death or when the house is sold..... you also can never owe more then the house fetches as part of that fee money goes for insurance for the bank incase they get less then whats owed....

its very fee laden and isnt a great deal but non the less its there if you need it
Reply With Quote Quick reply to this message
 
Old 02-09-2009, 02:33 PM
 
Location: DC Area, for now
3,517 posts, read 13,244,091 times
Reputation: 2192
I would have to be very desperate to take a reverse, so no. I should be fine without ever having to resort to that.
Reply With Quote Quick reply to this message
 
Old 02-09-2009, 02:35 PM
GLS GLS started this thread
 
1,985 posts, read 5,371,732 times
Reputation: 2472
Quote:
Originally Posted by mathjak107 View Post
An equity loan has to start to be paid back immeadiatly , that wouldnt accomplish the same thing....

a reverse mortgage is actually a balloon payment loan due at either your death or when the house is sold..... you also can never owe more then the house fetches as part of that fee money goes for insurance for the bank incase they get less then whats owed....

its very fee laden and isnt a great deal but non the less its there if you need it
So perhaps a niche audience of people who have a great deal of equity tied up or house paid off, little or no pension, i.e. struggling solely on Social Security only, and no relatives or friends to leave an estate to?
Reply With Quote Quick reply to this message
 
Old 02-09-2009, 04:03 PM
 
106,238 posts, read 108,237,907 times
Reputation: 79776
exactley who its geared for
Reply With Quote Quick reply to this message
 
Old 02-09-2009, 04:32 PM
 
290 posts, read 635,826 times
Reputation: 415
Found this:

AARP Webplace | Reverse Mortgages | Loan Calculator

Reply With Quote Quick reply to this message
 
Old 02-09-2009, 05:57 PM
 
Location: Where the sun likes to shine!!
20,549 posts, read 30,332,386 times
Reputation: 88950
From what I have read if you take a reverse mortgage your estate(family) has to pay for it after you die. And the fees sound really high.

I would only do a reverse mortgage in two situations.
1. Desperation.
2. You have no one to leave your assets to.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement

All times are GMT -6. The time now is 05:05 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top