Anybody with Reverse Mortgage experience?
Roberta_z5
17 years ago
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Comments (8)
quiltglo
17 years agolast modified: 9 years agoRelated Discussions
Don't Prepay Your Mortgage [Consumer Reports]
Comments (34)Hi Penny, Is it really better to always invest or save rather than pay down? Nothing is ever "ALWAYS" anything, of course. Paying your cash into your real estate equity rather than into safer, more accessible accounts, or accounts with principal protection guarantees, is primarily an emotional benefit for those who choose to do so. For these folks the emotional "feeling" is more important than the actual financial security... and that is FINE when the choice is made with eyes wide open to the risks of only getting halfway there and being trapped with remaining payments and no income or savings. What if you are older and almost living paycheck to paycheck and so can save/invest little...wouldn't it be best to reduce the debt? If you are older and living paycheck to paycheck then SAFETY RESERVES are exponentially more important than reducing your debt prematurely. CASH IS SAFETY... when you are swimming in excess cash, THEN you can safely eliminate the longterm debt. I'm a relatively recent lurker here, but would like clarity, as this is an area of great worry for me, a middle-aged, single first-time homebuyer. Since my 30 year fixed mortgage on my inexpensive home will have me making payments until my late 70's,I have felt compelled to pay what extra I could on the principal over the last 5 years, only reducing my loan about 2 years worth or so, so far. All of that hwile still living paycheck to paycheck? (Or was that a hypothetical of somebody else?) Far better to build up your safety reserves as fast as you can. A surprise stoppage of income for an extended period of time can never be "saved" by partially reduced debt... but accumualted cash CAN save your hide. Unfortunately, I recently stopped extra principal payments reasoning that I need to focus more on paying down my hefty student loans. I am nervous about having all this debt! Accumulate cash first, at least until you have enough safely saved to pay all of your total living costs for at least 12 months if you found yourself unemployed and without supplemental income sources. Once you have that safety net underneath you, THEN if you emotionally must, you can begin chipping down the debt balances. If you ultimately die in debt but never without the ability to pay... that is better than trying to live without cash but only partially debt-free. At any rate, I know that I will be forced to work until my mortgage is paid off...Given the circumstances, wouldn't it make sense to want to pay it off? Sigh, wondering if I'm doing it all wrong...Penny. It only "makes sense" emotionally, not financially. Go for safety and security FIRST, and you can go for the emotional good feelings later, when you can safely afford them. Good luck, and welcome to the boards! Dave Donhoff Strategic Equity & Leverage Planner...See MoreHis name is on the mortgage...and I want him out
Comments (47)Maybe I will change my mind in the future, but for now I will move forward with the "what's mine is mine, what's yours is yours" attitude. There are NO garantees in life. I never want to be legally bound to anyone ever again...by marriage, real estate or otherwise. My current husband was the same way. He never wanted to marry again. Eventually, when the hurt wears off you too may change your mind. These days, to even last 10 years is against the odds. A lot can happen in 10 years, people change, married or not. Hopefully, you won't lose a lot & hopefully you can recover from this financially. Hi, OP here. My apologies. ItÂs my fault the topic diverted. I honestly did not mean for this topic to go the way it has. Waking up this morning and reading the latest input, taking in everyone's views on marriage / non marriage. There is a lot of great feedback. No one knows what happened with your relationship, hopefully not being married will be to your advantage. I am 3 times married myself, 1st time too young, 2nd too blind, 3rd much older & wiser. I've seen a lot in my 40 years, people change whether you have that piece of paper or not. Trying to work through things depends on what the situation is. Should I have tried to work out marriage 1? No. Marriage 2 - staying wasn't an option - verbal abuse turned to physical abuse. Currently 8 years that I'm with my husband. He's a good guy, more so then my other choices. He has his moments, some how we've worked through some really rough times. It wasn't that piece of paper that made me stay, being disabled & having no income has made me stick it out. After almost divorcing a few times we're doing really well. It isn't at all clear to me how the OP would be in a better position if she and the BF had married. If anything, their finances would be even more entangled. I have to agree. Divorce #2 for me was costly. Doing a google of Connecticut divorce law, it may be to the OP's benefit that she was not married... Division of Marital Property - Connecticut is referred to as an "all property equitable distribution state." In Connecticut, the Court has the power to "assign to either the husband or wife all or any part of the estate of the other." Conn. Gen. Stats. § 46b-81. Any property, therefore, regardless of when or how acquired, can be re-distributed by the Court. Conn doesn't recognize common law, so that's a plus. I'm interested to hear what the attorney says. Here is a link that might be useful: Connecticut Divorce...See MoreGetting a mortgage loan for our son
Comments (73)chisue, we paid for all expenses not covered by academic scholarships. Until last winter, dd was somehow under the impression that her scholarships had paid for nearly everything, and so felt that she'd "earned" her way through college. She forgot we paid for textbooks, supplies, food, allowance, & housing costs as well as approx. 20% of tuition not covered by scholarships. We gave dd $10K when she turned 21, that she's invested, and have promised ds the same on his 21st. Over the years, we've also hired them for various jobs in order to fund about $10K into each one's IRA. For graduation, we've promised $10K to each. Dh will also sign over the titles to the cars they've been driving. It all sounds a bit much when I count it up. We're not wealthy, but we have been very frugal and dh deferred a lot of his compensation until the last couple of years. We haven't taken an overseas trip since our belated honeymoon, but we did just pay for one for our kids (their other graduation gift.) I drive an older and somewhat battered minivan, which dh has been bugging me to replace, but I've been waiting until the kids are out of college. Dh and I really struggled when we first married. Between uninsured major medical expenses, theft of vehicles, and other unexpected events, we nearly went bankrupt but managed to survive (barely.) My parents were very well off but never offered us any help, even though they frequently helped my older siblings (one of whom continues to count on their help today.) I'll probably be in my mid-50s when I inherit, and the money really won't mean much then. A tiny fraction of what I will receive would have made a world of difference back when we were skipping meals to pay the bills. Unfortunately, I think we've overdone giving to our own children. I was a strict mom when it came to their behavior, manners, academics, etc., but dh was usually a pushover about everything. They are honors scholars and have great careers ahead of them. We just need to get past this issue about selling that house. Dh & I also need to get over the mistake we made in buying our current too-large house. Dd was unhappy to hear that we intend to downsize within four yrs., yet at the same time she made it clear that she does not want to live with us. I'm fine with both kids living on their own next year, but it's a bit much to take when she says that she wants to live in our other house but not with us. Should dh end up "retiring early" we'd planned to move there. OP - so sorry to take over your thread. However, reading it has been a good lesson for me. I needed some fortification to withstand the boatload of tearful self-pity and dreadful imaginings from dd about how she will get mugged/shot/lose her job, etc. if we "kick" her out next year and she has to move into an apartment. I never thought that announcing the prospective sale of a house could be so emotional. This has also been a good reminder that acting out of guilt isn't good for anyone concerned....See MoreMy Mortgage Company Neighbor... and the odd stuff it does.
Comments (19)There was never any indication of foreclosure and the house has not been put up for sale. It will be interesting to see how this plays out. The brother and sister, aged 98 and 94, were taken out of the house against their will. He had advanced cancer and she was legally blind and was trying to take care of him in this 3 story house with just one bathroom on the second floor. He could not get up or down stairs. and she, a tiny thing at 4' 7" and 75 pounds, could not care for his needs. A visiting nurse was the one who did what was necessary to get them out and into a nursing home. He died within a month and she lasted less than a year. She was a sweetheart, he however was not. The family said it had nothing to do with his age, he was spoiled by his mother and was nasty and arrogant all his adult life. His massive collection of antiques included some ancient Chinese vases, etc from the 14th century . Yet all the collection was stored in an old run down mansion that he rented. The 18 rooms were filled with all kinds of valuable pieces collecting dirt just piled around in no organization with just narrow paths to get through. It was unbelievable to see what was there and the way the two of them lived at home in virtual poverty. Home was a large estate that was sold of an acre at a time in order to support his habit. Ours was the last lot sold....See MoreChemocurl zn5b/6a Indiana
17 years agolast modified: 9 years agojannie
17 years agolast modified: 9 years agopamghatten
17 years agolast modified: 9 years agojoyfulguy
15 years agolast modified: 9 years agoemma
10 years agolast modified: 9 years agojoyfulguy
10 years agolast modified: 9 years ago
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