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The Water Cooler
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Reverse Mortgages
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<blockquote data-quote="natgas" data-source="post: 1329200" data-attributes="member: 749"><p>My mother calls me daily asking me if she should do an RM; she thinks she would get a ton of $$ with no risk and nothing to do except continue to live in her home. My position, and that of my sisters, is that she should live life to the fullest and spend her dollars as she wants without thinking about leaving anything to us. She would rather have some assets at her death to leave to us.</p><p></p><p>I am scheduled to talk with the person who's trying to sell her the RM today. I have a lot of questions, especially the question of 'how much'----per my mother, this guy has offered her $287,000 for a home that is worth no more than $150,000. I keep telling her it's just not possible.</p><p></p><p>Fortunately, I hold POA for my mom so I will either kill this thing quickly or, if it turns out to be something positive, continue to investigate all the potential pitfalls before making a decision.</p><p></p><p>Good timing with this thread as it has given me lots of questions to ask this guy today!</p></blockquote><p></p>
[QUOTE="natgas, post: 1329200, member: 749"] My mother calls me daily asking me if she should do an RM; she thinks she would get a ton of $$ with no risk and nothing to do except continue to live in her home. My position, and that of my sisters, is that she should live life to the fullest and spend her dollars as she wants without thinking about leaving anything to us. She would rather have some assets at her death to leave to us. I am scheduled to talk with the person who's trying to sell her the RM today. I have a lot of questions, especially the question of 'how much'----per my mother, this guy has offered her $287,000 for a home that is worth no more than $150,000. I keep telling her it's just not possible. Fortunately, I hold POA for my mom so I will either kill this thing quickly or, if it turns out to be something positive, continue to investigate all the potential pitfalls before making a decision. Good timing with this thread as it has given me lots of questions to ask this guy today! [/QUOTE]
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