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Old 11-09-2011, 05:31 AM
 
Location: Near a river
16,042 posts, read 18,967,079 times
Reputation: 15649

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Quote:
Originally Posted by Cruzincat View Post
I really wanted to see that story, but the link is to a page that is constantly being updated. The story is no longer on that page.

I am interested because we are in an upside down situation with about 5 years to go for retirement. We have no problem maintaining payments right now, but if things don't turn around on home values, I could see working until I/we die or walking away with a strategic default. Basically it's like we are renting now but with all the responsibilities to maintain the premises, while hoping we can recoup whatever we need to pay into repairs.

So, did the article address our situation?
Have you looked into reverse mortgages? I know next to nothing about them and have heard some warnings, but there may be some good products in this option that would allow you to stay in your home.
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Old 11-09-2011, 05:36 AM
 
Location: Near a river
16,042 posts, read 18,967,079 times
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Quote:
Originally Posted by staywarm2 View Post
I'm curious what age group is considered "older baby boomers?"
I would say the first wave of boomers, born 1944-1950.
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Old 11-09-2011, 05:52 AM
 
Location: Prospect, KY
5,288 posts, read 17,951,905 times
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I'm on the cusp of the older boomers....we have been in our retirement house for a little over 3 years - we are staying put for at least 6 or 7 more years or until the market starts to turn around...houses sell fairly well here but there is a big disparity between what the listing price and selling price.
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Old 11-09-2011, 05:55 AM
 
Location: Baltimore, MD
3,745 posts, read 4,214,395 times
Reputation: 6866
Quote:
Originally Posted by Escort Rider View Post
I thought attorneys were exempt from these kinds of problems because of their high earnings potential?
Ha ha, I wish. Potential being the key word here. There is a common misconception that all attorneys earn megabucks. In general, those of us in our 50s and 60s who chose the "street attorney" path, i.e., legal aid and other nonprofit work, earned low pay and no retirement benefits. Nada. Not even an employer match. Hard to believe, but my salary in 1999 was $25,000 and jumped to $35,000 in 2002. The organization for which I currently provide contractual services currently has an opening for a full time staff attorney - salary $40,000. Considering the cost of living in my area, that salary is horrible.

Attorneys in their 50s and 60s, like other folks in their 50s and 60s, cannot suddenly change their career path and expect to earn the big bucks.

BTW, I don't regret entering the non-profit field. I'm proud of my work and the non-monetary rewards are great. That said, I would be ever so grateful if the "banks" would refinance my mortgage based on my credit history and access to my retirement accounts. Blah.
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Old 11-09-2011, 06:00 AM
 
Location: Near a river
16,042 posts, read 18,967,079 times
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Quote:
Originally Posted by lenora View Post
Ha ha, I wish. Potential being the key word here. There is a common misconception that all attorneys earn megabucks. In general, those of us in our 50s and 60s who chose the "street attorney" path, i.e., legal aid and other nonprofit work, earned low pay and no retirement benefits. Nada. Not even an employer match. Hard to believe, but my salary in 1999 was $25,000 and jumped to $35,000 in 2002. The organization for which I currently provide contractual services currently has an opening for a full time staff attorney - salary $40,000. Considering the cost of living in my area, that salary is horrible.

Attorneys in their 50s and 60s, like other folks in their 50s and 60s, cannot suddenly change their career path and expect to earn the big bucks.

BTW, I don't regret entering the non-profit field. I'm proud of my work and the non-monetary rewards are great. That said, I would be ever so grateful if the "banks" would refinance my mortgage based on my credit history and access to my retirement accounts. Blah.
Same here, in terms of salary amount ($47 highest) and no benefits or pension at nonprofit arts admin. I don't regret the work and the overtime hours, as it was truly rewarding, plus flexible while I was raising my kids.

What do you know about reverse mortgages? Are they all bad news?
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Old 11-09-2011, 10:24 AM
 
Location: Arizona
419 posts, read 657,764 times
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Quote:
Originally Posted by newenglandgirl View Post
I would say the first wave of boomers, born 1944-1950.
Those born between 1946-1964 or considered the boomer generation. Those born before 1946 are considered to be part of the "silent generation". At one time those of us born during the War years 1941-1945 were refered to as "war babies".
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Old 11-09-2011, 11:07 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,537 posts, read 39,914,033 times
Reputation: 23634
Quote:
Originally Posted by newenglandgirl View Post
...

What do you know about reverse mortgages? Are they all bad news?
Most are bad news, (fees and restrictions) and I suspect getting worse with low returns in current marketplace.

They are work a look, but consider the long-term implications, especially if you have a probability of changing locations.
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Old 11-09-2011, 11:35 AM
 
Location: Baltimore, MD
3,745 posts, read 4,214,395 times
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I was hoping to take advantage of a reverse mortgage when I am older, but as Stealth noted, it's currently impossible to obtain a good interest rate. Not until interest rates rise would I consider obtaining a reverse mortgage.
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Old 11-09-2011, 11:50 AM
 
Location: Hiding from Antifa?
6,394 posts, read 4,172,123 times
Reputation: 5695
To get a reverse mortgage you have to have equity. If you are upside down....

... I have looked into it. Even if they didn't pay me anything, and I lived in the house for a period of time before I "gave it back", that would allow me to live in it and maintain it. Don't think that will work for me.
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Old 11-09-2011, 04:22 PM
 
Location: Near a river
16,042 posts, read 18,967,079 times
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Quote:
Originally Posted by lenora View Post
I was hoping to take advantage of a reverse mortgage when I am older, but as Stealth noted, it's currently impossible to obtain a good interest rate. Not until interest rates rise would I consider obtaining a reverse mortgage.
You would want interest rates to rise on a LOAN?

(I don't know anything about RMs)
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