KymcoForum.com
General => General Discussion => Topic started by: YagerMySter on March 05, 2012, 03:58:02 PM
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I kept seeing the commercials and I just kept ignoring them like a swarm of bugs.
Then I guess my brain kept working on it.
Then I started thinking and researching it and it looks interesting.
What I do know is that I have to wait at least 11 years (I'm 51 years young).
I already own my home outright.
I'll need more money when I retire.
I don't plan to ever move.
What do you guys think about reverse mortgages.
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I kept seeing the commercials and I just kept ignoring them like a swarm of bugs.
Then I guess my brain kept working on it.
Then I started thinking and researching it and it looks interesting.
What I do know is that I have to wait at least 11 years (I'm 51 years young).
I already own my home outright.
I'll need more money when I retire.
I don't plan to ever move.
What do you guys think about reverse mortgages.
Would "reverse mortgage" be a pension paid monthly to home owner based on mortgage on his house/flat, that is being sold later by the bank/whoever is providing the "pension", after the owner dies?
We do not have that here, and I did not hear about it in EU either. The main reason is that banks in Europe are more heavily capitalized than in USA and there are strict regulations diving bank from non-bank investment sector. Banks do not like anything except highly liquid assets,so messing around with houses is the last thing they want to do.
However, this sounds good. There is a tradition in Europe of parents leaving house or flat as inheritance to sons and daughters.
We have a strange situation that old ladies are living alone in apartments that are 150+ m2, in one room, have monthly income of 300 US$, yet they do not want to leave their apartment and buy a smaller one etc. We also have a tradition of owning houses - almost 90 % of people in my country own their homes. The same is in Italy or Spain. Consequence is that workforce is not mobile, and usually you are born, work and die in the same place.
Depending on the amount of monthly cash flow derived from the equity, this could be a good idea, unless you want to leave it to your son or daughter.
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The origination fees on reverse mortgages are high, and only a percent of the value of the home qualifies for it - so they are in most cases an expensive loan. They give you money for the equity in your home and you don't have to make payments - so if you live in the home for many years afterwards then it can be a good deal. But it reduces your options. If you have to move due to health or any other reason - then you screwed yourself. You can leave some of the value of your home to your kids - but if they want the house then they won't get it.
I would consider it a last resort if I needed money - but that's just me.
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It depends on the exact terms and the smallprint. I have heard some elderly people who have "sold" to the company on the basis they can stay in the home as long as they live for free. One case involved an old lady who sold her home in her late 60's to a company who banked on her dying within 5-10 years. She was still living well into her 90's rent free so the company was screwed, they had no choice but to pay her every month. That is the good side.
The flipside is the stories of people receiving a lump sum for their home then paying a small minimal rent to continue living there as agreed befkrehand. Many, many complain the company is great for a few months then gradually increasea the rent and forces you out in the end so they can sell the house.
If i could get a good price for it, and be 100% sure i could live in the house til i die, and i had no kids to leave it to, then i may think about it. Otherwise i would downsize to maybe a small flat and sell the house.
These companies WILL be making money from you and i guess any loopholes, like the 90 yr old lady, will now be dealt with ao it cannot happen again. These guys just want profits and money, they dont care about you or where you live, they just want the house as cheap as possible.
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If i could get a good price for it, and be 100% sure i could live in the house til i die, and i had no kids to leave it to, then i may think about it. Otherwise i would downsize to maybe a small flat and sell the house.
Out of curiosity, for comparison, what is considered to be a "small flat" in USA, for elderly couple, in square meters (or feet, whatever)?
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Out of curiosity, for comparison, what is considered to be a "small flat" in USA, for elderly couple, in square meters (or feet, whatever)?
My house is 1,232 square feet. It's just big enough for me and my treasure :-)
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Out of curiosity, for comparison, what is considered to be a "small flat" in USA, for elderly couple, in square meters (or feet, whatever)?
I think a small flat/apartment in the US would be the same as in Europe Axy. I dont know tho since i live in Scotland. I have a 3 bedroom, 2 floor house with gardens and a garage, i have 2 kids but once they grow up and move out i think i could downsize easily to maybe a 1-2 bedrooms and no garden or just a small garden. But i am only just turned 40 so i have a while yet. If i have my way i intend selling up and moving to the Canary Islands once i retire, its too cold here :D
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I compare it to wiping ones arse with a butcher knife,,,lose,, lose.Too much fine print (unreadable)
just saying~
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Both sides of the coin. The one factor you CANNOT control w/ these is resale of your agreement. The same issue that collapsed the US housing market/economy. Reverse mortgages are the death throws of the brokers that developed the mortgage commodity market. This in time will to pass.
Take an equity loan, and invest... Citi Group will still go up (short term). Or even better yet Invest in the Asian markets. The US cannot compete anymore on a global scale. Even Govt. bonds in Taiwan are worth MORE than US savings bonds. (interest rate divided by money markets and you are secure)
Theres a lot of Yen in them thar woods!
Peppermint Creeps - Turning Japanese (http://www.youtube.com/watch?v=NxniCvshwK4#)
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Run! Dont mess with your house.
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Reverse mortgages are a bad investment. Your home is initially appraised and given a value. Over the years you receive a percentage of that value and in the end you don't own your home and die penniless leaving nothing for your family. Don't forget, that your home likely appreciates in value and that you do not receive any benefits from the increased value. You're still paid based on the original assessment. I'd never consider this BS scheme.
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So you are implying that debonair actor and possible wife killer Robert Wagner is endorsing a financialy unsound product ? Shocking , simply shocking .
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These banks will 'appraise' your house's value and go from there to the monthly payment you will receive. The problem is that over time the monthly payment is worth less and less as the cost of living goes up. It doesn't seem like much but 300 dollars a month now will be pretty much worthless when you really need it. Then the bank will re-sell your house to you at an 'adjustable rate' which typically is low to begin with but rises dramatically in a few years. These guys are sharks and will take every penny they can all with our fine governments' blessings. Remember who got bailed out first back in '08? AIG and by extension Goldman Sachs, the giant financial who was the direct former employer of then US Treasury secretary Hank Paulson.
Here is a fun little link that gives you an idea of what kind of criminals are running this country.
http://fedupusa.org/Ben%20and%20Hank%20Lies/Paulsons%20Lies.html (http://fedupusa.org/Ben%20and%20Hank%20Lies/Paulsons%20Lies.html)
This 'recession' was contrived by George Bush and his cronies in the banking industry. You think they don't have new ways to take your money? Our banking system is laughably under-capitalized, meaning we don't have to have a dollar in the bank for them to loan out a dollar. We have to have 10 cents in there for them to legally loan out a dollar. Keep working and get more info about any reverse mortgage before you jump. Or just trust Robert Wagner.
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Run! Dont mess with your house.
Anyone is welcome anytime...as long as you like Preas Canarios.x4
I haven't seen my landlord in years. There used to be some kids next door too. "Unsolved Mystery" is coming here to see what happened to them.
I don't think that episode will air... Just a guess
For the Animal lovers out there... They are BORN as you see. No cropping
Look them up. My babies!
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So you are implying that debonair actor and possible wife killer Robert Wagner is endorsing a financialy unsound product ? Shocking , simply shocking .
OOOOOOOOOOO! I'm telling uncle Bobby on you. You all know what he is capable of........... BOBBY!!!!!
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This 'recession' was contrived by George Bush and his cronies in the banking industry. You think they don't have new ways to take your money? Our banking system is laughably under-capitalized, meaning we don't have to have a dollar in the bank for them to loan out a dollar. We have to have 10 cents in there for them to legally loan out a dollar. Keep working and get more info about any reverse mortgage before you jump. Or just trust Robert Wagner.
Uncle Bobby lived across the court yard from us in Bronxville Ny. I don't remember Natilie being involved in the "Cocktail Parties".
No-one has given a sound solution to a "poor old man" looking for financial security tho.
Buy Asian Market bonds for the long term, and Magnetic ENGINE (not motor) Manufactures. Oh They're I Taiwan TOO? Who would have thunk it!
It'll make your grand kid rich, and give you security.
Trust a guy named Zombie? That rides a 50cc scooter? Everyday? And knows they are worse for the environment? That's ridiculous!
THINK... about UNCLE Bobby...
Pssssssssssss! BUSH is too stupid to walk my dogs! Never mind the criminal mastermind you accuse him of. The F'er would be eaten!
Some one mentioned Bush!
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The lender gets a HUGE commission payment once the loan closes and the homeowner gets small payments over many years. Not a good deal for the heirs if the homeowner passes on in a few years, and not a good deal for the homeowner if they out live he payments and are forced to buy back their house from the bank.
With today's low rates why not get a no closing costs fixed rate home equity loan, stick it in a safe annuity and pay yourself from it?
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Buy Asian Market bonds for the long term, and Magnetic ENGINE (not motor) Manufactures.
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Buy Asian Market bonds for the long term, and Magnetic ENGINE (not motor) Manufactures.
QUOTE
"...energy is not free, perpetual motion machines do not exist, everything is taken from somewhere and put elsewhere."
END OF QUOTE
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Fuel cells to run pulsating electro magnets pulling/pushing Ferrous pistons, in a sealed hydraulic pump that drive turbine vein rotors sounds pretty close to perpetual to me... It is perhaps the simplest engine yet...Two moving parts
Kinda like a hamster wheel using a "ghost" hamster!
Nothing added or produced except energy.
M.I.T. said is was to Hooide Tooide for them... So I sold the Idea to North Korea. (Scrappy little buggers those North Koreans.) I get paid as soon as I find a way to supply them with Tridium.(it's not in the original design but they said they need it) And I would never debate with anyone smarter than me...
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HONDA
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Fuel cells to run pulsating electro magnets pulling/pushing Ferrous pistons, in a sealed hydraulic pump that drive turbine vein rotors sounds pretty close to perpetual to me... It is perhaps the simplest engine yet...Two moving parts
Kinda like a hamster wheel using a "ghost" hamster!
Nothing added or produced except energy.
Well, this would go against all known physical principles, especially the principle of conservation of energy.
Anyway, good luck with alchemy! :)
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I'm sure You can retire on Ethanol Production stocks. For our original poster... I am trying to give the best advice (I) know.
Did you ever think you could listen to music recorded on a chip? Maybe not in our lifetime for electric engine PRODUCTION but I did say: For our grandkids. Market funds in the research countries for us tho
Remember the Great uncle that left a hundred shares of Esso Oil? Or the Dell penny stocks? There are too many reasons to keep up Flat Earther!
Honda started the concept in the drafting phases of Oximo. Imagine that. Fing TERMINATOR! Good thing it's all witchcraft.
I'm glad no one reads this hoooey or my whole pyramid would collapse.
The Best Salesman Ever (http://www.youtube.com/watch?v=V4O5qFnEF3Q#ws)
Call me if you change your mind. I'll hook you up...(555) 8675-309... Ask for Jenny
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So I cant' spell...asimo.honda.com/
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I'm sure You can retire on Ethanol Production stocks. For our original poster... I am trying to give the best advice (I) know.
So, the best advice for the original poster interested in reverse mortgages is to invest in Far East companies involved in snake oil research of free energy?
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So, the best advice for the original poster interested in reverse mortgages is to invest in Far East companies involved in snake oil research of free energy?
I guess it would be last resort before being put out on the street by the county tax collector.
Zombie's vides The Best Salesman Ever. That is halirous!
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"invest in Far East companies involved in snake oil research of free energy?"
Now you got it!
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"invest in Far East companies involved in snake oil research of free energy?"
Now you got it!
Meanwhile, in Zombie's backyard... ;D ;D ;D :D
http://www.youtube.com/embed/g2UvWGfjayM (http://www.youtube.com/embed/g2UvWGfjayM)
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Just imagine what that dude's life is going to be like in prison .
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Just imagine what that dude's life is going to be like in prison .
Either Bloods or Crips. ;D ;D ;D
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Either Bloods or Crips. ;D ;D ;D
"(Scrappy little buggers those North Koreans.)"
Bruce Lee - Kung Fu Fighting (http://www.youtube.com/watch?v=GZ9e3Dy7obA#)
Oh... You have to admit those were some fine bitches in my back yard!