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there are two kinds of people in this world
those with intelligence
and those who are willfully ignorant
You have a question that should be better received and addressed in the CD Retirement forums.
The Real Estate Forum covers only one aspect of life.
From a real estate perspective, I would tell you to relocate to lower cost of living areas, where you can address your residential expenses better on limited resources.
Well that’s was my point …many are not going to do what it takes
And you continue to miss the point that for some, more today than perhaps ever before,
there has always been a hard limit to what many can achieve or should ever be expected to achieve.
Most of their problems are rooted in their numbers and that has been the case since the late 60's
With less competition and/or a stronger labor voice even the menial jobs WERE better paid.
Better hours, better benefits, better security, better pay. Even pensions. A few still are like that but not many.
iow NO! the bootstrap arguments are (almost) all complete crap
And you continue to miss the point that for some, more today than perhaps ever before, there has always been a hard limit to what they can achieve or should ever be expected to achieve.
With less competition and/or a stronger labor voice even the menial jobs WERE better paid.
Better hours, better benefits, better security, better pay. Some still are but not many.
iow NO the bootstrap arguments are complete crap
Much of what you are stating is complete crap itself .
Those who really want to get a head will find a way ….others find the old excuse .
That is just how things are and it is the reason our job market works or we would have no low end workers if everyone could succeed or pushed until they succeeded…
It is not human nature to push like that ..that is why half of American workers don’t earn enough to even pay income taxes
Well,of course the population is why we have a housing shortage.
We do NOT have a housing shortage problem. We have an over supply of warm bodies problem
... too many of whom seem to believe they deserve to have their own bedroom and bathroom.
And you continue to miss the point that for some, more today than perhaps ever before,
there has always been a hard limit to what many can achieve or should ever be expected to achieve.
Most of their problems are rooted in their numbers and that has been the case since the late 60's
With less competition and/or a stronger labor voice even the menial jobs WERE better paid.
Better hours, better benefits, better security, better pay. Even pensions. A few still are like that but not many.
iow NO! the bootstrap arguments are (almost) all complete crap
Thanks, Mr. Rational. The voice of reason. We grew up in that era and lived it.
There is also reverse mortgage if a retired person owns a home but be careful with that. If I am at a point where I know medically, I am not going to live much longer I would do it if I needed the money. If I am healthy then no I wouldn't because I think the bank would evict me when the money loan runs out. they want that money and if the owner lives to long, they won't get their profit soon enough. They are also a rip off I think because they over charge with interest, so they make a **** load of money in interest then they sell the property and make more on that. Its only worth it if there is no family to help with feeding me or getting repairs done in my home and I know I won't live long enough to worry about the bank getting my home.
common misconceptions. reverse mortgages are mortgages. the bank doesn't own your home even if you die. exactly like the bank would do on your purchase money mortgage- if you default on your obligations they foreclose. if you own a home- pay your taxes and insurance. whether you have a forward mortgage, a reverse mortgage, or own the home outright. or bad things happen.
with a traditional mortgage if you die owing money to the bank your estate needs to pay the balance back through a sale, refi, cash ect and any profits go to the airs. reverses work the same way.
common misconceptions. reverse mortgages are mortgages. the bank doesn't own your home even if you die. exactly like the bank would do on your purchase money mortgage- if you default on your obligations they foreclose. if you own a home- pay your taxes and insurance. whether you have a forward mortgage, a reverse mortgage, or own the home outright. or bad things happen.
with a traditional mortgage if you die owing money to the bank your estate needs to pay the balance back through a sale, refi, cash ect and any profits go to the airs. reverses work the same way.
However buried in these reverse mortgages is the fact the lender can force you to do expensive repairs even though you lack the money to do so which is why many take these in the first place.
That can have the mortgage called due prematurely if you break the terms of your contract
Last edited by mathjak107; 01-16-2022 at 09:25 AM..
However buried in these reverse mortgages is the fact the lender can force you to do expensive repairs even though you lack the money to do so which is why many take these in the first place
when you initially apply the bank could make certain repairs a requirement of the loan. if the repairs are safety in nature they wont even close until they're completed. however, after the loan closes there are no 'reverse mortgage police' that come to inspect your house to force new repairs on an ongoing basis. don't take the loan if the bank insists on repairs you don't feel are necessary.
with a traditional mortgage the lender's primary concern is the applicants ability to re-pay, not the condition of the collateral after the loan is satisfied. The lender on a reverse mortgage is assuming the eventual sale of the home will be what's used to repay the loan. So it makes sense they are a bit more concerned with the condition and maintenance of the property.
agreed, many seniors don't have the ability to maintain their homes like they did in their working years. One of the many reasons people turn to reverses.
Last edited by anicon; 01-16-2022 at 10:00 AM..
Reason: typo
At times I wonder why we even prioritize a paid-off property and retirement funding. At the end of the day it will all have to be handed over to pay for those "circumstances beyond your control" anyway --all while you will share a room and receive the same level of service with those unable or unwilling to save a cent.
when you initially apply the bank could make certain repairs a requirement of the loan. if the repairs are safety in nature they wont even close until they're completed. however, after the loan closes there are no 'reverse mortgage police' that come to inspect your house to force new repairs on an ongoing basis. don't take the loan if the bank insists on repairs you don't feel are necessary.
with a traditional mortgage the lender's primary concern is the applicants ability to re-pay, not the condition of the collateral after the loan is satisfied. The lender on a reverse mortgage is assuming the eventual sale of the home will be what's used to repay the loan. So it makes sense they are a bit more concerned with the condition and maintenance of the property.
agreed, many seniors don't have the ability to maintain their homes like they did in their working years. One of the many reasons people turn to reverses.
Actually you agree to allow the lender to inspect the house anytime they like and you agree to make repairs as recommended ..it is standard in every contract .
Whether they show up or not is up to the lender …..
Many times it is the insurer that does an inspection if you have to change companies and will notify the lender of deficiencies
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