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I've been doing some research on reverse mortgages and wanted to share the wealth. I think this option best fits for me since I've been trying to plan my retirement and the equity in my home has grown almost twice as much since i purchased it.
I'm not a fan of reverse mortgages and regularly let my opinion be known. Having said that, I will confess that every now and then, there is a profile of a homeowner that makes this option of last resort a useful tool.
They are never a problem-until they are a problem.
Like when you reach the point where you can't drive and there is no public transportation. Or when you need care and want to move near family and now you have no house and no money
They are never a problem-until they are a problem.
Like when you reach the point where you can't drive and there is no public transportation. Or when you need care and want to move near family and now you have no house and no money
That is why you factor in those potential occurrences before you take a reverse mortgage. In our case we purchased a home with a reverse mortgage in an area close to our kids, and the wife's parents, where there are ample shopping, restaurants, etc nearby, with transportation options aplenty. We could only go mortgage free, by doing so, and the potential income from the tax deferred savings that we used for ~60% of the house value would have never come close to what a comparable home's mortgage payment would have been. We live in an expensive area, and I had to acquiesce to my wife's requirement that we live near the kids and grandchildren. This was the only way we could afford to do so.
If something happened that made us want to live to a lower cost area, we will still have ample equity for more than a few years, that we could use to do it over again somewhere else, where it would cost a lot less for a new house.
Our RE agent said no one had ever looked at as many houses before settling on one.
Problems can occur in any case, whether you have a reverse mortgage, or a standard one.If you prepare for most possible problems, the odds of one blindsiding you are lessened.
This is a completly bad idea and the fact that this is your first post makes your motives very suspect.
Being his first post does not mean squat. He doesn't actually provide enough information about his reasoning to say it is a good or a bad idea. I haven't clicked on his links, though, so if he is merely fishing for business as a broker, then you may be right about his motives.
I stay away from anything pitched by aging celebrities. That aside, I can't imagine any financial product involving real estate worse than a reverse mortgage.
Being his first post does not mean squat. He doesn't actually provide enough information about his reasoning to say it is a good or a bad idea. I haven't clicked on his links, though, so if he is merely fishing for business as a broker, then you may be right about his motives.
Being his first post does not mean squat. He doesn't actually provide enough information about his reasoning to say it is a good or a bad idea. I haven't clicked on his links, though, so if he is merely fishing for business as a broker, then you may be right about his motives.
It's pretty obvious...
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