Posted on 08/25/2010 12:55:22 PM PDT by luckybogey
I love those stories.
Depending how it is structured it can be a loan against equity or act as an annuity. Remember all the “Tax Free” money taken out is less money they can take as a death tax. You could even take a RM and put the proceeds into an insurance policy which could provide a hedge again death taxes.
Right or wrong I merely took the judgement expressed in the title of the article at face value. In my post I took the opportunity to express my hatred of the current crop of politicians.
“Before Fred they had Peter Graves, but he passed away. Before Graves, they had Robert Wagner.”
The late Peter Graves did work for American Advisers Group, as Thompson does now, but Wagner works for the Guardian First Funding Group.
“I am not sure how they work. Lets say I own my home outright and its worth 100 grand in todays market.”
A Bank appraises your home and say, “Your home is worth $200K now, leaving you with $100K in equity. We will allow you to live in your house rent free. We will then pay you X per month for Y years, or you can have the whole amount now lump sum. We take title to your property once you die. You agree not to damage or otherwise ruin the property.”
Ah. Thanks. The spots are so similar I assumed it was the same company.
It allows people to stay in their homes as they grow older. Not such a bad deal, imho.
“They have something similar to RMs in France. About 15 years ago, I remember reading a newsarticle about a 40-year-old businessman who purchased a house from a childless, 76-year-old widow. 30-odd years later, he’s dead and the widow was alive and well. I think she didn’t die until she was well over 100.”
Jeanne Calment
http://en.wikipedia.org/wiki/Jeanne_Calment
> “I gave Fred $400 of my hard-earned money, and he didn’t even bother actually running for President.”
.
I gave Duncan Hunter $1000 and he did the same.
They were all stalking horses for McCain. (who was a stalking horse for Obummer)
.
Who else would I support other than Duncan Hunter? Yes, Thompson was a stalking horse for McCain. His every action belies the fact.
Thanks for the lesson in ethics. ;^)
Did you even bother to read the Texas Constitution.
I deal with people like you who don’t know what they are talking about at least a once month. One very minor reason the mortgage market is choked up.
Dear Lord I pray I am not talking to a mortgage underwriter.
Lurker...simply said...you don’t know what you are talking about...I have had spouses taken off the title at least a half dozen times in the last five years in order to do a Reverse Mortgage...no you are not talking to an underwriter...you are talking to a mortgage banker... I don’t know what you do or pretend to do in the mortgage industry (you sound like a typical banker) but from your comments you don’t know diddly shitte about Reverse Mortgages....and misinformation put out by the likes of you are the reason that the volume of RM’s is down...
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