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Discussion Starter · #1 ·
Ok....I've got a good one for those of you Much more experienced people about mortgages than I'll ever be.
We all know the economy is going straight to Hell.............With no viable means to pay off the National debt it's only a matter of time before a financial disaster totally destroys what was once....A vibrant economy.
I have a question that I would very much like YOUR opinion on:Reverse mortgages.
Unfortunately for me and my wife....we are in a situation along with 10's of millions of americans, where we owe a considerable amount of money on our home.
We are in our 60's and 70's respectively and live entirely off pensions from our state jobs,VA. and soc.sec.
Since reverse mortgages are a federal program....I can only assume that the program,like soc.sec has to remain in place....again,I'm making an assumption here.
Should my wife and I qualify for a reverse mortgage.....and a financial collapse does occur(I personally feel a collapse is iminent)
How would this Federal program be effected?
 

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Run away from the idea. Run, Run. Are they doing a reverse mortgage out of the goodness of their heart to help you ?, or are they doing it to make money. The question is, where is that money coming from. Guess what, Its yours. Pops
 

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Never Give up
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Run away from the idea. Run, Run. Are they doing a reverse mortgage out of the goodness of their heart to help you ?, or are they doing it to make money. The question is, where is that money coming from. Guess what, Its yours. Pops
What he said. They do anything they can to milk any money out of you they can. They dont care about the little guys and gals. They sit around all week thinking of ways to screw us. Do you really want to get into a situation where they change the law and you lose your home? We are seeing every week where they are changing laws and sticking us in the rear. Dont put yourself in that spot.
 

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Reverse Mortgages are not a Federal Program. They can be underwritten by the Feds, they are regulated by the Feds, but they are just financial institutions (investors) loaning money. They make money on the fact they loan less than your place is worth and when you die they get to sell it. (there are several different ways this done I am just be generic). Some are lump sum payments, others are payed out each month like an annuity.

At whatever reason for doing a RM, I would be extremely leery of the ones advertised by old out of work actors on TV.

Talk to your bank about them. I am sure they have good information.
 

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From what I understand, If you read the fine print. If you need a new roof, as an example, to keep the valve of your house up to their standands, and say, you have a lot of Medical bills and don't have the money to put the new roof on, they forclose. Out on the street for you. Pops
 

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Country Girl
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You have to read the fine print as they are not all created equally. Here in Australia at least reverse mortgages are available where they cannot kick you out of your house if you default.

An RM would not be an ideal choice in the vast majority of situations, but if the situation is dire and its the only way to secure a place to live, just make sure you read the fine print and have an complete understanding of what it involves before yoiu sign anything.
 

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If you own a home outright, you are better off selling it to whomever you wish to have it when you are gone, and having a couple of the rooms as a small apartment for yourself and your wife, or downsizing.
 

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I would say a better way to do it would be to just sell your house and then rent. You will get more than they would give you. Maybe you could even find somebody willing to buy your house and then immediately rent it back to you so you can stay in the same house.
 

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I've looked at reverse mortgages a thousand times and the only scenario that MIGHT be feasible is to take a lump sum and buy gold and silver with it.

Getting a fixed amount per month will kill you in several years as inflation makes that monthly payment worthless. Plus, the fees they charge to set up a reverse mortgage are criminal.
 

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Ok....I've got a good one for those of you Much more experienced people about mortgages than I'll ever be.
We all know the economy is going straight to Hell.............With no viable means to pay off the National debt it's only a matter of time before a financial disaster totally destroys what was once....A vibrant economy.
I have a question that I would very much like YOUR opinion on:Reverse mortgages.
Unfortunately for me and my wife....we are in a situation along with 10's of millions of americans, where we owe a considerable amount of money on our home.
We are in our 60's and 70's respectively and live entirely off pensions from our state jobs,VA. and soc.sec.
Since reverse mortgages are a federal program....I can only assume that the program,like soc.sec has to remain in place....again,I'm making an assumption here.
Should my wife and I qualify for a reverse mortgage.....and a financial collapse does occur(I personally feel a collapse is iminent)
How would this Federal program be effected?
Maybe these can help you .....


http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten

http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/

http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea13.shtm

http://www.reversemortgagepage.com/
 

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Discussion Starter · #12 ·
After reading the several replys on this thread......I'm inclined to agree with you-all.
I dont trust ANY mortgage broker or ANY program that appears to be something that the consumer actually gets a fair shake:mad:
My wife has researched this issue....but never told me about it:confused:.......until this Morning!!

So..................I'll just continue to pay off what I can and hope to god it doesnt take forever for Silver to hit 90-100$ an ounce...................when it does I can pay off one hell of alot of Debt which is the primary reason I bought silver to begin with.
 

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Basically if a bank is advertising something on tv they are screwing you.

As for what happens if the system goes bad, well I would be waiting by the mail box for the check from the bank.
 

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>I would say a better way to do it would be to just sell your house and then rent.

Unless you are somone like my dad who would blow thru the money a a couple of years.


McLOVIN
 
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