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Reverse Mortgages??

BigJim#1-8

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#1
Has anyone gotten a reverse mortgage? How do they work?
Thanks in advance for any info..
 

Usury

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#2
My take is if your primary home is your only significant asset and you have equity and you will outlive the life expectancy tables then die in your sleep, they’re great!
 

mayhem

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#4
They offer you 60% of their appraised value was enough for me to hang up. I was hoping to get the small amount of equity snick our of this place, buy condo for the wife and rent the home so she would have a steady income.
Just wasn't worth it. Besides the low ball figure that you can not negotiate, you still, pay the taxes, insurance, and any upkeep.
Not for me, YMMV.
 
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#7
I have far less in my house then it's worth

They offer you 60% of their appraised value was enough for me to hang up. I was hoping to get the small amount of equity snick our of this place, buy condo for the wife and rent the home so she would have a steady income.
Just wasn't worth it. Besides the low ball figure that you can not negotiate, you still, pay the taxes, insurance, and any upkeep.
Not for me, YMMV.
'

First, don't think I'm old enough? Second hell yeah I take 60% of appraised value. Can I sign up if I'm 40?
 

mayhem

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#8
I have far less in my house then it's worth
Here is what I said.
First, don't think I'm old enough? Second hell yeah I take 60% of appraised value.
They offer you 60% of their appraised value
Can I sign up if I'm 40?
No!
So say you have a house worth 200k by them, you would take 120k? Did you get your house free?
The program is aimed at seasoned citizens who are about to die and can't keep up their house any longer, common problem when you get old. I guess the program fits some folks, but not many as I don't hear about to many folks doing it.
 

Fatrat

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#9
If it was a good deal, they wouldn't offer it...lots of fine print. My mom friends are all in that age bracket and of those who tried it, none are happy.
 

gringott

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#10
If it was a good deal, they wouldn't offer it...lots of fine print. My mom friends are all in that age bracket and of those who tried it, none are happy.
Exactly. Unless you believe those financial vipers and vampires are out there to lose money and help old people.
 

BigJim#1-8

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#12
Thanks for the replies.
An old friend died a few months ago & his wife was asking me about these. She doesn't want to move & she's in good health, she wants to generate extra income.
I've been asked to sell some Au for her so hopefully prices will go up soon.
Thanks again.
 

Libertaurum

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#13
"Reverse mortgage"... Such misleading financial mumbo-jumbo. Like "revenue collection".

It's simple, really.

1. You sell them your house for a fraction of it's value.
2. They let you live in your house until you die.
3. They hope you die soon.

A real "reverse mortgage" would be saving money until you can buy a house. Then you can pay 60% of the value.

There's no free rides. If you own a home and are looking at a short horizon, it might be a wiser decision to sell the home, rent an apartment and live off the proceeds. At least you'd have more than 60% to get by.
 

Cigarlover

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#14
this is an awesome deal. Once you get diagnosed as having 6 months to live, grab the cash. On a 200k house you grab 129k.. Destroy the house on the inside and go on a world cruise until you die. Make sure the house needs 150k to fix it up. You get to cash out, travel the world and screw the banks. :dduck::dduck::dduck: Yes I hate banks.
 

the_shootist

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#16
There's no free rides. If you own a home and are looking at a short horizon, it might be a wiser decision to sell the home, rent an apartment and live off the proceeds. At least you'd have more than 60% to get by.
/thread
 

the_shootist

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#17
this is an awesome deal. Once you get diagnosed as having 6 months to live, grab the cash. On a 200k house you grab 129k.. Destroy the house on the inside and go on a world cruise until you die. Make sure the house needs 150k to fix it up. You get to cash out, travel the world and screw the banks. :dduck::dduck::dduck: Yes I hate banks.
Banks have one goal in mind, to create cash out of thin air, lend it to you then taking everything you have when you can't pay it back. You can't screw banks, its impossible.
 

arminius

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#19
Folks, unless you are aware of and have true allodial property ownership, you don't own your home/property, you have partial ownership called equity, but legal ownership is with the bank/gov assholes. That means you believe you have ownership, but if the gov/bank wants your home for whatever reason, you're outa there. So fuck that noise.

Hard to believe that anyone with any knowledge of this fucking scam by the banks/gov would have anything to do with these thieving assholes.
 

gringott

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#20
I am married, so if I got a death sentence notice, I wouldn't do anything but leave the paid for house to her, along with the annual government property rent bill.
However, if I was single, I would take out the biggest mortgage or home equity money I could get. I would use the cash as I saw fit. My kids wouldn't want the house anyway, let the bank have it. After I died of course. You can imagine what would be going on with credit cards LOL. Might need a new financed GT-R for those hospital visits as well.
 

<SLV>

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#21
I am married, so if I got a death sentence notice, I wouldn't do anything but leave the paid for house to her, along with the annual government property rent bill.
However, if I was single, I would take out the biggest mortgage or home equity money I could get. I would use the cash as I saw fit. My kids wouldn't want the house anyway, let the bank have it. After I died of course. You can imagine what would be going on with credit cards LOL. Might need a new financed GT-R for those hospital visits as well.
I know a guy who did just this. Was diagnosed with terminal cancer and the next week he was driving a new Camaro SS...