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Data Shows Seniors Turning to Reverses to Make Up for Investment Losses (Reverse Mortgages)
Broker Universe ^
| March 25, 2009
| Brad Finkelstein
Posted on 03/25/2009 12:41:39 PM PDT by 2ndDivisionVet
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A truly sad situation.
To: 2ndDivisionVet
Any FReepers out there that are savvy about these reverse mortgages? Is this as bad an idea as I think it is?
2
posted on
03/25/2009 12:45:00 PM PDT
by
Hardastarboard
(The Fairness Doctrine isn't about "Fairness" - it's about Doctrine.)
To: 2ndDivisionVet
The average home value slipped from $449,200 in the first quarter of 2008 down to $412,627 for the fourth quarter. You got to be kidding me!
3
posted on
03/25/2009 12:46:48 PM PDT
by
Red_Devil 232
(VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
To: Hardastarboard
Any FReepers out there that are savvy about these reverse mortgages? Is this as bad an idea as I think it is? Depends upon how soon you're planning to die.
4
posted on
03/25/2009 12:47:44 PM PDT
by
E. Pluribus Unum
("Only after disaster can we be resurrected." -- Tyler Durden)
To: Hardastarboard
It means you can kiss your inheritance good bye, your parents have decided to spend it.
5
posted on
03/25/2009 12:49:47 PM PDT
by
Graybeard58
(Selah)
To: Hardastarboard
I’m a former mortgage loan officer. From what I understand of these loans, they can sometimes be a benefit for a person over 62. IIRC, the borrower is given a lump sum or annuity, based on age and equity in the home. The senior(s) no longer have to make payments on the house, and the bank cannot take back the house until both seniors (in the case of a couple) have passed away. Borrowers must be counseled by a third party before taking out the loan, which is government regulated.
6
posted on
03/25/2009 12:50:24 PM PDT
by
2ndDivisionVet
(In honor of my late father-Gysgt/Comm. Chief, USMC WWII, Korea 1925-2002)
To: Hardastarboard
I do not really understand how a reverse mortgage works. It seems to me a real nice way for seniors to have their homes stolen out from under them (and their descendants).
7
posted on
03/25/2009 12:51:18 PM PDT
by
SoldierDad
(Proud Dad of a U.S. Army Infantry Soldier presently instructing at Ft. Benning.)
To: Graybeard58; Grampa Dave
Here’s an intersting artickle, Dave...
8
posted on
03/25/2009 12:51:19 PM PDT
by
SierraWasp
(Galloping suffocating American Socialism smells like BO!!!)
To: 2ndDivisionVet
I can’t believe that members of the “greatest generation” would fall for this insane idea. Only IF your health were compromised, and your time short, would these then be a “good” idea!
9
posted on
03/25/2009 12:55:21 PM PDT
by
GWMcClintock
("When the foundations are being destroyed, what can the righteous do?" Ps. 11:3)
To: Hardastarboard
My favorite "reverse mortgage": In 1965, aged 90, with no living heirs,
Jeanne Calment (eventually to become the world's oldest living person!) signed a deal to sell her former apartment to lawyer André-François Raffray, on a contingency contract. Raffray, then aged 47, agreed to pay her a monthly sum of 2,500 francs until she died, an agreement sometimes called a "reverse mortgage". Raffray ended up paying Calment more than the equivalent of $180,000, which was more than double the apartment's value. After Raffray's death from cancer at the age of 77, in 1995, his widow continued the payments until Calment's death.
10
posted on
03/25/2009 12:55:21 PM PDT
by
TurtleUp
(Turtle up: cancel optional spending until 2012, and boycott TARP/stimulus companies forever!)
To: Hardastarboard
In a word, yes.
Locally, a retirement age couple used the reverse morgage to free money to purchase “stuff” and an expensive RV.
The husband died. The widow is left with huge debt and no saleable assets. Seems the persons who consider reverse morgages are the same group that look to 2nd/3rd morgages as ATM’s. Just a general observation.
11
posted on
03/25/2009 12:56:12 PM PDT
by
WestwardHo
(Whom the god would destroy, they first drive mad.)
To: Graybeard58
I see it as theirs to spend anyway.
I have my own wealth to accumulate, keep from the gov’t, and spend/give as I wish.
12
posted on
03/25/2009 12:57:51 PM PDT
by
MrB
(irreconcilable: One of two or more conflicting ideas or beliefs that cannot be brought into harmony.)
To: Red_Devil 232
The average home value slipped from $449,200 in the first quarter of 2008 down to $412,627 for the fourth quarter. Bubble: A time period during which people confuse the meaning of "value" with the meaning of "price".
13
posted on
03/25/2009 1:03:22 PM PDT
by
Polybius
To: Hoosier Catholic Momma; CottonBall; TenthAmendmentChampion; Chickensoup; JDoutrider; ...
I don’t know enough about reverse mortgages to despise them yet, but debt is debt.
Dave Ramsey Fan Ping List.
If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.
14
posted on
03/25/2009 1:08:19 PM PDT
by
CSM
(Smokers, the most patriotic of Americans!)
To: MrB
Yep, it’s their’s to do with as they wish. My parent’s only real asset is their home, they have no reason to do the reverse mortgage though, they get along just fine.
I will share that inheritance some day if they precede me in death. Along with my 7 siblings that is. Depending on the circumstances at that time, I will probably give my share to a sister, who has a need.
To: MrB
.....keep from the govt, and spend/give as I wish. Good luck on that first part.
To: MrB
Regarding an estate, my grandfather told my father that if there was anything left, it would be the consequence of a serious miscalculation.
17
posted on
03/25/2009 1:11:23 PM PDT
by
Myrddin
To: Graybeard58
I’m following all the LEGAL tax reduction strategies that I can.
18
posted on
03/25/2009 1:13:19 PM PDT
by
MrB
(irreconcilable: One of two or more conflicting ideas or beliefs that cannot be brought into harmony.)
To: Hardastarboard
I’m a loan officer for a Mortgage Banking firm. These loans although not for everyone are lifesavers for many Seniors. I have been doing them for about 5 years and have never had a client that has come back and told me that they were sorry for their decision.
More information is available at americashrm.com
19
posted on
03/25/2009 1:17:55 PM PDT
by
RVN Airplane Driver
("To be born into freedom is an accident; to die in freedom is an obligation..)
To: Hardastarboard
20
posted on
03/25/2009 1:26:52 PM PDT
by
george76
(Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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