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Bobbieo
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Sun Dec-09-07 08:39 PM Original message |
Can someone explain what a 'reverse mortgage' is. |
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KitchenWitch
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Sun Dec-09-07 08:41 PM Response to Original message |
1. It is a slimy way for the bank to get the house back from the elderly |
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Bobbieo
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Sun Dec-09-07 08:42 PM Response to Reply #1 |
2. How - In what way??? |
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KitchenWitch
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Sun Dec-09-07 09:09 PM Response to Reply #2 |
25. The "Reverse Mortgage" brokers prey on the elderly |
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MercutioATC
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Sun Dec-09-07 10:28 PM Response to Reply #25 |
29. Better they eat cat food in their paid-off house? |
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troubleinwinter
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Sun Dec-09-07 10:45 PM Response to Reply #29 |
32. You are right! It's made all the difference to my M-I-L! She no longer struggles with living hand- |
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troubleinwinter
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Sun Dec-09-07 10:41 PM Response to Reply #25 |
31. Bullshit |
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Gormy Cuss
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Mon Dec-10-07 12:29 AM Response to Reply #31 |
58. Right. The key is to obtain one from a reputable institution and to be sure you understand the terms |
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XboxWarrior
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Sun Dec-09-07 08:43 PM Response to Reply #1 |
5. I'll bet........ |
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question everything
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Mon Dec-10-07 12:04 AM Response to Reply #1 |
46. Not necessarily |
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sam sarrha
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Sun Dec-09-07 08:43 PM Response to Original message |
3. you get paid monthly on your equity.. you bet you'll die before your homeless, they bet you'll die |
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NMDemDist2
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Sun Dec-09-07 08:44 PM Response to Reply #3 |
6. that actually sums it up pretty well |
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Bobbieo
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Sun Dec-09-07 08:49 PM Response to Reply #6 |
9. Okay - the reason I am asking is because someone is trying to tell me what |
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Lex
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Sun Dec-09-07 08:51 PM Response to Reply #9 |
12. It really only works for people who are real estate rich |
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Kingshakabobo
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Sun Dec-09-07 10:51 PM Response to Reply #12 |
34. You don't have to own your house outright. |
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Lex
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Sun Dec-09-07 11:06 PM Response to Reply #34 |
38. HUD says you have to |
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Kingshakabobo
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Sun Dec-09-07 11:26 PM Response to Reply #38 |
42. What's a low balance?? |
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troubleinwinter
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Mon Dec-10-07 12:04 AM Response to Reply #42 |
47. "low balance" |
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Kingshakabobo
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Mon Dec-10-07 12:19 AM Response to Reply #47 |
53. That's similar to a couple scenarios I've seen in the office. |
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NMDemDist2
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Sun Dec-09-07 08:52 PM Response to Reply #9 |
14. if you are very old and own your house and need cash to pay for medical |
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troubleinwinter
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Sun Dec-09-07 10:49 PM Response to Reply #9 |
33. I think it's the greatest thing since sliced bread. I think you have a good friend... |
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aint_no_life_nowhere
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Sun Dec-09-07 08:49 PM Response to Reply #3 |
10. Does capital gains tax figure in? |
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XboxWarrior
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Sun Dec-09-07 08:52 PM Response to Reply #10 |
13. Not Sure..... |
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TahitiNut
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Sun Dec-09-07 08:58 PM Response to Reply #10 |
20. Yes... and the interest is interest income. But it's better than tax on EARNED income ... |
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Kingshakabobo
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Sun Dec-09-07 11:14 PM Response to Reply #20 |
40. It's not taxed because it's a loan and no title or ownership changes hands. |
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hfojvt
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Sun Dec-09-07 09:20 PM Response to Reply #10 |
28. no, thanks to Clinton, there is no tax on the gain from a home sale |
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Lex
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Sun Dec-09-07 08:50 PM Response to Reply #3 |
11. Actually they can't force you to move from your home |
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begin_within
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Sun Dec-09-07 11:30 PM Response to Reply #11 |
43. What happens, then, if you do outlive the reverse mortgage? |
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Kingshakabobo
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Sun Dec-09-07 11:57 PM Response to Reply #43 |
45. If you took the lifetime monthly payment they keep paying you..... |
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troubleinwinter
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Mon Dec-10-07 12:15 AM Response to Reply #45 |
52. I guess it's a gamble on both sides. |
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begin_within
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Mon Dec-10-07 12:20 AM Response to Reply #45 |
54. Thank you for the info. Are you prevented from ever selling your home, if you |
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troubleinwinter
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Mon Dec-10-07 12:28 AM Response to Reply #54 |
57. No. But you'd have to pay off the RM loan. |
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Kingshakabobo
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Mon Dec-10-07 12:34 AM Response to Reply #54 |
59. Nope. YOU own the home so you can do with it what you please. |
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troubleinwinter
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Mon Dec-10-07 12:48 AM Response to Reply #59 |
61. I hope we have LOTS more discussions about Reverse Mortgages! |
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AlCzervik
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Sun Dec-09-07 08:43 PM Response to Original message |
4. here is a link from HUD fwiw. |
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Lex
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Sun Dec-09-07 08:48 PM Response to Reply #4 |
8. delete |
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TahitiNut
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Sun Dec-09-07 08:54 PM Response to Reply #8 |
16. Correct. For many retirees, it actually makes good sense. |
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sendero
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Sun Dec-09-07 09:13 PM Response to Reply #16 |
27. Exactly.. |
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Lex
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Sun Dec-09-07 08:46 PM Response to Original message |
7. Some people have most of their wealth tied up in their house |
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NMDemDist2
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Sun Dec-09-07 08:53 PM Response to Reply #7 |
15. agreed, for some folks it's a life saver (literally) and allows them |
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Bobbieo
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Sun Dec-09-07 08:55 PM Response to Reply #7 |
18. But when I die, the house goes to the bank, Right????? |
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Lex
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Sun Dec-09-07 08:57 PM Response to Reply #18 |
19. The bank paid you for it, so yes of course it does. |
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Kingshakabobo
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Sun Dec-09-07 10:56 PM Response to Reply #19 |
36. no, it doesn't go to the bank. It goes to your heirs -along with a pay-off due. |
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Lex
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Sun Dec-09-07 11:03 PM Response to Reply #36 |
37. But of course the house serves as collateral for the loan |
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Kingshakabobo
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Sun Dec-09-07 11:18 PM Response to Reply #37 |
41. Correct. That's probably what happens in most cases. |
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progressivebydesign
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Mon Dec-10-07 12:12 AM Response to Reply #19 |
51. I think it's more like a lien or a traditional mortgage in that sense. |
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troubleinwinter
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Sun Dec-09-07 10:54 PM Response to Reply #18 |
35. No and Yes. |
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progressivebydesign
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Mon Dec-10-07 12:10 AM Response to Reply #18 |
49. No... but the money you owe is deducted from the house value.. |
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L. Coyote
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Sun Dec-09-07 08:55 PM Response to Original message |
17. It is essentially a monthly payment to you, a loan, guaranteed by a property. |
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Bobbieo
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Sun Dec-09-07 09:04 PM Response to Reply #17 |
24. Thank you for your responses!!!! |
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judaspriestess
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Sun Dec-09-07 08:59 PM Response to Original message |
21. Reverse Mortgage has many of the same guidelines |
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CC
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Sun Dec-09-07 09:00 PM Response to Original message |
22. Depends on your situation and |
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Jim Lane
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Sun Dec-09-07 09:02 PM Response to Original message |
23. More detail available here |
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jedr
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Sun Dec-09-07 09:09 PM Response to Original message |
26. basic ly , if you don't want to pass your house to; |
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troubleinwinter
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Sun Dec-09-07 10:34 PM Response to Original message |
30. It saved my mother-in-law's home. I encouraged my father (79) to look into it. |
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Kingshakabobo
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Sun Dec-09-07 11:11 PM Response to Reply #30 |
39. Thanks for your responses on this thread. |
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troubleinwinter
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Sun Dec-09-07 11:56 PM Response to Reply #39 |
44. Yes, I think the banks get some 'sugar' for doing these loans, for sure. |
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Kingshakabobo
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Mon Dec-10-07 12:12 AM Response to Reply #44 |
50. The rates ARE high compared to a conventional fannie/freddie loan.... but guess what.... |
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troubleinwinter
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Mon Dec-10-07 12:22 AM Response to Reply #50 |
55. I'm WITH ya! |
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Kingshakabobo
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Mon Dec-10-07 12:25 AM Response to Reply #44 |
56. Another thing to consider is the cost to sell your home...... |
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progressivebydesign
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Mon Dec-10-07 12:09 AM Response to Original message |
48. it allows the elderly to draw from their equity. |
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troubleinwinter
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Mon Dec-10-07 12:42 AM Response to Reply #48 |
60. Precisely. They were designed to keep elders from losing their homes. |
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Kingshakabobo
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Mon Dec-10-07 12:52 AM Response to Reply #60 |
62. I edited to "elder." |
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troubleinwinter
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Mon Dec-10-07 01:06 AM Response to Original message |
63. A story |
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