Reverse mortgage~

[snow]

Anyone here in the "No" thinking of refi with rates so low but buddy said check out reverse mortages as I'm semi retired.

 

[martinslanding]

That’s extremely vague. Many factors play into any refinancing decision. Like what length of term are you looking at? How much equity vs. amount owed, how long do you plan on having payments? What is the end goal, keep or sell? … and of course current financial state.

However “cliff notes” version:
Reverse Mortgage can work for anyone 62 and older that has sizeable equity and plans on staying in their home
Re-financing with these low rates works for home owners in advantageous financial situations looking to shorten their term.
Keep in mind in mortgage situations it’s not always about the monthly payment as it is about saving overall money in interest over time.

 

[wjschmaltz]

I don’t take everything Dave says as gospel, but he explains his common sense logic very well and following his guidance the last several years is the smartest financial thing I ever started doing. I would strongly suggest reading into this rip off more on his website.

https://www.daveramsey.com/blog/how-reverse-mortgages-work

https://m.youtube.com/watch?v=_c-WtWSnRzU

 

[snow]

Thanx martin,I'm well over 62,my home is clear,on the fence about moving out of this god forsaken state(taxes,bullshit folks in our gov't)just thinking out loud about shaking some cash loose and curious which way to go,zero debt,no family left except my trusty golden retriever.

 

[Wallike]

I don’t take everything Dave says as gospel, but he explains his common sense logic very well and following his guidance the last several years is the smartest financial thing I ever started doing. I would strongly suggest reading into this rip off more on his website.

https://www.daveramsey.com/blog/how-reverse-mortgages-work

https://m.youtube.com/watch?v=_c-WtWSnRzU

Dave Ramsey should teach his philosophy of 'debt free' in high schools! I don't own a BMW but I'm debt free!

 

[Happycamper]

My Mother took out a reverse mortgage w/o talking to me. She wanted to put steel siding and upgrades to her bathroom facilities making it easier for her to be independent. I went to pay it off and got jerked around for several weeks before I told Wells Fargo to give me a bottom line price at that particular moment in time or my attorney would be visiting them.
Has anyone else noticed the number of banks that have cropped up in Bismarck during the past 10 years? Those structures have to be paid for somehow.

 

[Allen]

Thanx martin,I'm well over 62,my home is clear,on the fence about moving out of this god forsaken state(taxes,bullshit folks in our gov't)just thinking out loud about shaking some cash loose and curious which way to go,zero debt,no family left except my trusty golden retriever.

With the above, if there's anyone who can benefit from a reverse mortgage, it would be you.

However, my understanding of a reverse mortgage is that you pay it back when you sell your home, or die. So it would be of no benefit to take out a reverse mortgage and then sell your home in order to move to something less shitty than MN. Instead, sell your home, move to wherever you wanna go, and THEN do the reverse mortgage.

 

[Pheasant 54]

So here is a funny story about reversed mortgages , After watching Tom Selleck tell us it was not his first rodeo , I decided to just inquire and get some info for my own knowledge, had not intention of doing anything . So I go on the website and they want everything except your sperm count , so I used my home address and put my name as Homer Simpson , I also used a made up phone number that was a porn number - easy to do like - 1-800-y**f***, or any combo you want to come up with .

I am still getting mail for Homer Simpson and I wonder how many times the porn # has been called by their telemarketers

 

[johnr]

cash is king.

I would not personally want to involve myself in a reverse mortgage.
However I am married to a executive banker that makes the financial plans for our family, so what ever she says, when it comes to the finance side, it is what we do. So far so good

 

[guywhofishes]

cash is king.

I would not personally want to involve myself in a reverse mortgage.
However I am married to a executive banker that makes the financial plans for our family, so what ever she says, when it comes to the finance side, it is what we do. So far so good

wtf... she's also an executive banker?

as if we didn't all hate you enough already

 

[BrokenBackJack]

JR you are one all around lucky feller! :;:thumbsup :;:rockit :;:cheers :;:exactly ;:;bowdown

 

[snow]

Little feedback from my cpr guy incase others are curious like me,he sent me a lengthy explanation that took me a pot of coffee to get through this morning, but so is a shorter version

Here are some things to consider:

Do you want a reverse mortgage to pay for home repairs or property taxes? If so, find out if you qualify for any low-cost single purpose loans in your area. Staff at your local Area Agency on Aging may know about the programs in your area. Find the nearest agency on aging at eldercare.gov, or call 1-800-677-1116. Ask about “loan or grant programs for home repairs or improvements,” or “property tax deferral” or “property tax postponement” programs, and how to apply.
Do you live in a higher-valued home? You might be able to borrow more money with a proprietary reverse mortgage. But the more you borrow, the higher the fees you’ll pay. You also might consider a HECM loan. A HECM counselor or a lender can help you compare these types of loans side by side, to see what you’ll get – and what it costs.
Compare fees and costs. This bears repeating: shop around and compare the costs of the loans available to you. While the mortgage insurance premium is usually the same from lender to lender, most loan costs – including origination fees, interest rates, closing costs, and servicing fees – vary among lenders.
Understand total costs and loan repayment. Ask a counselor or lender to explain the Total Annual Loan Cost (TALC) rates: they show the projected annual average cost of a reverse mortgage, including all the itemized costs. And, no matter what type of reverse mortgage you’re considering, understand all the reasons why your loan might have to be repaid before you were planning on it.
Be Wary of Sales Pitches for a Reverse Mortgage
Is a reverse mortgage right for you? Only you can decide what works for your situation. A counselor from an independent government-approved housing counseling agency can help. But a salesperson isn’t likely to be the best guide for what works for you. This is especially true if he or she acts like a reverse mortgage is a solution for all your problems, pushes you to take out a loan, or has ideas on how you can spend the money from a reverse mortgage.

 

[riverview]

my main goal over the last 15 years has been to become debt free so we wouldnt be paying interest when we tried to semi retire,

 

[Enslow]

If you have to watch an infomercial on any product don’t buy it.

 

[3Roosters]

I think more people should look into Reverse boat trailer backing rather than Reverse Mortgages.