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Old 08-21-2017, 02:35 PM
 
1 posts, read 976 times
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Hi guys,

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.

Mod cut: Spam.

Last edited by PJSaturn; 08-22-2017 at 08:33 AM..
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Old 08-21-2017, 02:54 PM
 
71,549 posts, read 71,712,424 times
Reputation: 49135
They can be right up there with pay day loans in many circumstances
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Old 08-21-2017, 02:59 PM
 
Location: DFW - Coppell / Las Colinas
32,004 posts, read 36,629,245 times
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Being in Real Estate, I've talked to about a dozen people who wanted to sell their homes who had RM's.

Everyone of them regretted the decision to get one. I would never recommend.
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Old 08-21-2017, 03:29 PM
 
Location: Close to an earthquake
890 posts, read 677,078 times
Reputation: 2390
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.
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Old 08-21-2017, 03:36 PM
 
71,549 posts, read 71,712,424 times
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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
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Old 08-21-2017, 09:46 PM
 
Location: Hiding from Antifa?
6,410 posts, read 4,176,382 times
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Quote:
Originally Posted by mathjak107 View Post
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.
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Old 08-21-2017, 09:52 PM
 
Location: Hiding from Antifa?
6,410 posts, read 4,176,382 times
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Quote:
Originally Posted by arwenmark View Post
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.
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Old 08-21-2017, 10:43 PM
 
Location: Wasilla, AK
7,247 posts, read 4,136,323 times
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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.
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Old 08-21-2017, 10:47 PM
 
Location: Wasilla, AK
7,247 posts, read 4,136,323 times
Reputation: 15658
Quote:
Originally Posted by Cruzincat View Post
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.
His screen name is a good clue.
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Old 08-22-2017, 02:34 AM
 
3,531 posts, read 1,774,699 times
Reputation: 6232
Quote:
Originally Posted by Cruzincat View Post
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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