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Old 09-06-2014, 09:23 PM
 
Location: Near a river
16,042 posts, read 18,985,208 times
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Could someone please outline the actual fees (upfront and annual, and at point of sale) for a RM with a specific reputable company, to enlighten posters who know little about this option?
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Old 09-06-2014, 09:34 PM
 
Location: The Triad (NC)
28,501 posts, read 62,217,072 times
Reputation: 32187
Quote:
Originally Posted by newenglandgirl View Post
He wants a housekeeper and cook.
You say that like it's a bad thing.

In point of fact I need neither of those services.
But I could use a trainer and a gardener.
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Old 09-06-2014, 09:37 PM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by newenglandgirl View Post
He wants a housekeeper and cook.
Lol.
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Old 09-07-2014, 01:31 AM
 
71,657 posts, read 71,801,099 times
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the problem with reverse mortgages are they pay out a whole lot less then folks think and leave many short of money prematurely and with no equity in the home.

reverse compounding interest ,like its opposite brother can be one of the most powerful forces on the planet.

changing conditions in your own life can make a reverse mortgage a lead weight. not being able to sell and have money left over may be a huge issue .

living in an area with no public transportation and not being able to drive,

needing specialists or medical facilities not in your area.

needing long term care and wanting to be near family out of state .

all are the reasons many regretted planning around reverse mortgage money only to find it was no longer there at some point and the power of reverse compounding interest ,fees and expenses ate most or all of their equity in a short time frame.

however a reverse mortgage to purchase is not the same thing.

you can buy a home in an area you like that has all the things you may want late in life.

put down 1/2 and never make another payment.

not a bad thing to do . in fact to me it looks like something i would entertain.
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Old 09-07-2014, 05:54 AM
 
Location: Near a river
16,042 posts, read 18,985,208 times
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Quote:
Originally Posted by mathjak107 View Post

however a reverse mortgage to purchase is not the same thing.

you can buy a home in an area you like that has all the things you may want late in life.

put down 1/2 and never make another payment.

not a bad thing to do . in fact to me it looks like something i would entertain.
I could possibly be interested in this. I would like to know, in an example scenario, just how this would work. You put in say half and then the lender finances the other half...what would the fees likely be up front and then annually from then on? Where does the compound interest figure in...at final sale?

Would this be with a local bank? Or national co.?
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Old 09-07-2014, 06:07 AM
 
Location: Near a river
16,042 posts, read 18,985,208 times
Reputation: 15649
The reason why I could be interested is that our house has no mortgage on it and it's in the perfect area for retirement if we remain in this area (we would know for sure within a year or two). Everything is at hand, and the town has an active senior program and transport van, door to door. The problem here is property tax, which according to conversations with town friends, could drive a lot of us out before long. The RM payments could cover that, beginning at age 75 perhaps. So I'd want to know what the RM would mean on a 10 to 15 year term.
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Old 09-07-2014, 09:20 AM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by MrRational View Post
You say that like it's a bad thing.

In point of fact I need neither of those services.
But I could use a trainer and a gardener.
You mean, like a personal trainer? To make you jump through hoops?
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Old 09-07-2014, 09:29 AM
 
Location: The Triad (NC)
28,501 posts, read 62,217,072 times
Reputation: 32187
Quote:
Originally Posted by Petunia 100 View Post
You mean, like a personal trainer?
To make you jump through hoops?
Yes. I need help.

Do you already own a riding crop?
I'll spring for the jodhpurs and leather bustier...
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Old 09-07-2014, 09:32 AM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Newenglandgirl, I would like to see some actual numbers too. Here is some info I found which lists the types of costs, but no actual numbers.

http://portal.hud.gov/hudportal/docu...=DOC_13006.pdf
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Old 09-07-2014, 09:35 AM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by MrRational View Post
Yes. I need help.

Do you already own a riding crop?
I'll spring for the jodhpurs and leather bustier...
Lol! Oh, my. I'm afraid I sold my riding crop at my last garage sale. Some guy gave me a quarter!
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