Reverse Mortgages

[MaddSkillz]

Yeah ... don't think I haven't noticed that it is like I am not even here ...

But I will have to say this for him ... his lack of response just leads me to believe that my neighbor is doing the right thing by NOT getting a RM ... Ultimately I got what I came after ... which was verification from someone closer to the subject than me that my initial assessment of RMs was the right one.

Don't flatter yourself... I'm trying to answer everyone's concerns equally all while trying to eat lunch. Hold off on the judgmental stuff for a while at least. Cut a brutha some slack!

If we were all having this discussion in person, I'd pwn all of you effortlessly. This typing stuff is for the birds.

 

[BadgeBunny]

Equity in your home is not the same as money in the bank. Just because you can borrow against it doesn't make it so. That's not "lifestyle" money. That's one of the "big 3" (food, water, shelter). Leveraging your shelter to increase your lifestyle is not living within your means by any stretch.

Thankyouverymuch.

 

[BadgeBunny]

Don't flatter yourself... I'm trying to answer everyone's concerns equally all while trying to eat lunch. Hold off on the judgmental stuff for a while at least. Cut a brutha some slack!

If we were all having this discussion in person, I'd pwn all of you effortlessly. This typing stuff is for the birds.

Sure ... whatever you say Madd ...

Seriously dude ... I have read every single word you have posted here.

This is why I generally don't post in these threads ... just watch and learn.

However, I distinctly remember you posting that you WERE selling reverse mortgages and that you WERE NOT happy about it, so I thought (wrongly it seems) that because of your obvious change of heart I could learn something from you about them.

Sorry, my bad ...

 

[RidgeHunter]

If we were all having this discussion in person, I'd pwn all of you effortlessly.

Dude, I like you and all (platonically, and only the internet you as I don't know you IRL).....but no.
Maybe by the time I'm buckling my double knit pants around my sternum it will make more sense, but right now it's bunk.

Like Poopgiggle said, all you can say is "it's a trade off". Yeah, so are loan sharks, payday loans, credit cards, time shares (can you sell me on those?)...etc.

If that the trade off some goofy old fart wants, I guess more power to them. But that doesn't make it a smart financial move.

Hell, the last person I want giving me financial advice is an old person that needs a reverse mortgage. "Sonny, I done screwed up my finances for 70 years, but this here reverse mortgage made it all worth it. Hot damn, where's the keys to the Minnie Winnie?"

 

[mr ed]

Last year I saw Obama on tv telling people the should do this. That alone is reason not to.

 

[MaddSkillz]

What does the government have to do with it? Do they sell RM's? Do they fix the pricing and fees? Seems like a dodge to deflect from the real answer, which is that the sellers of RM's get a higher profit margin than lenders on regular mortgages are allowed.

HUD and FHA are involved. And I guess I don't follow the rest of what you're stating about profit-margins.

So on an RM where you still owe, they pay off your debt and give you $$$ up front.

You can put the rest in the growing line of credit so it grows over time.

When to they get to repossess your home?

The heirs have a year to determine what to do with the home after the senior passes or moves out.

Is it contractually specified? If you live beyond that date, you get to move out and if your cost of living has eaten up that $25K, now you're homeless and destitute? Wow, sounds like a fantastic deal, where do I sign up?

I really don't know what you're getting at but that's as fair an assessment of me not purchasing a blender because I could somehow step in it while it's on the counter and chop my foot up.

 

[MaddSkillz]

Dude, I like you and all (platonically, and only the internet you as I don't know you IRL).....but no.
Maybe by the time I'm buckling my double knit pants around my sternum it will make more sense, but right now it's bunk.

Like Poopgiggle said, all you can say is "it's a trade off". Yeah, so are loan sharks, payday loans, credit cards, time shares (can you sell me on those?)...etc.

If that the trade off some goofy old fart wants, I guess more power to them. But that doesn't make it a smart financial move.

Hell, the last person I want giving me financial advice is an old person that needs a reverse mortgage. "Sonny, I done screwed up my finances for 70 years, but this here reverse mortgage made it all worth it. Hot damn, where's the keys to the Minnie Winnie?"

You'd be surprised, there's a lot of great folks out there that are the victims of bad circumstance they had no control over. The last thing they want to do is give up their home.

And I would argue that it is a good financial move for a great many. Those folks in the RV would argue the case for me.

Heck I did one for an $800k lake house. They invested the money in another one of their businesses. Last I heard it was doing well too.

 

[poopgiggle]

I really don't know what you're getting at but that's as fair an assessment of me not purchasing a blender because I could somehow step in it while it's on the counter and chop my foot up.

No, outliving your reverse mortgage is a very real (and desirable) possibility.

 

[MaddSkillz]

No, outliving your reverse mortgage is a very real (and desirable) possibility.

Outliving it how, exactly? If you take the monthly payments as an option, they will continue for as long as your alive and living in the house.

What do you mean outlive it? You mean spend all the money before your dead?

 

[vvvvvvv]

Sure ... whatever you say Madd ...

Seriously dude ... I have read every single word you have posted here.

This is why I generally don't post in these threads ... just watch and learn.

However, I distinctly remember you posting that you WERE selling reverse mortgages and that you WERE NOT happy about it, so I thought (wrongly it seems) that because of your obvious change of heart I could learn something from you about them.

Sorry, my bad ...

Here is where he started apparently full-time in 2009 and said he fully believed in reverse mortgages

He's at least been doing it since 2007

From 2008:

I'm always looking for more folks to do Reverse Mortgages. I spend roughly 3 to 5 hours on each one and make a minimum of $600 but is typically more.

I'm affiliated with US Financial out of California. We've opened a branch in Tulsa specifically for Reverse Mortgages in Oklahoma.

No quotas, no required hours to work etc.. etc...

Google doesn't know if he still does or not.