8
   

REVERSE MORTGAGES-scamarama??

 
 
roger
 
  1  
Reply Thu 28 May, 2015 04:07 pm
@farmerman,
I've got a nice Makita thickness planer, too. If the cleanup weren't so terrible, I might have found a use for it in the past five years.
0 Replies
 
farmerman
 
  1  
Reply Thu 28 May, 2015 04:09 pm
@Butrflynet,
shhhh. If I live longer, thats where theyre going to go(unless he makes a note in his will.)

He spent a fortun on some of the helmets an hes got these old leather fire buckets.


0 Replies
 
glitterbag
 
  1  
Reply Thu 28 May, 2015 05:29 pm
@chai2,
chai2 wrote:

glitterbag wrote:

You are correct, I did read Butterflys note, thats the kind of term that would make me lose sleep.


A year?

I think if you're not ready to go home after a year of therapy, you're not going to.


Who said anything about a year in rehab?
chai2
 
  0  
Reply Thu 28 May, 2015 05:36 pm
@glitterbag,
Because that's what B-fly's post said....

If an owner has to move out of the house for a certain period of time--to a nursing home or a hospital, for instance--that absence could be enough to trigger the repayment requirement, Investopedia states. With an FHA reverse mortgage, the owner can spend up to 12 months in a nursing home without the debt coming due.

Maybe I misunderstood you. I thought you said you were concerned that if you had to leave your home for awhile, they could make you pay it back.

It looks like you can be gone up to 12 months before they could do that.

If you have left your home because you can't take care of yourself for an entire year, and are getting up there in years, chances are you're not going to.
0 Replies
 
chai2
 
  1  
Reply Thu 28 May, 2015 05:43 pm
@farmerman,
farmerman wrote:

He was always fixed for life with plenty of "**** you" money.



I like that.
farmerman
 
  1  
Reply Fri 29 May, 2015 06:58 pm
@chai2,
weve talked him into selling maybe next spring so he can stop worrying about a loose end like a house.

However, I think a numbr of older folks who are at least comfortable, are actually considering a "reverse morgage so they dont have to strap their hirs with a house which can be a majr pain in the ass.
0 Replies
 
hawkeye10
 
  1  
Reply Fri 29 May, 2015 07:10 pm
I have heard that settling an estate with a reverse mortgage tends to be a nightmare.
farmerman
 
  1  
Reply Fri 29 May, 2015 07:37 pm
@hawkeye10,
unless youre the deadee.
chai2
 
  0  
Reply Fri 29 May, 2015 10:08 pm
@farmerman,
Yeah. Basically it's like, oh my poor heirs I feel so sorry for....oh wait, no I don't, I'm dead.
hawkeye10
 
  0  
Reply Fri 29 May, 2015 11:35 pm
@chai2,
chai2 wrote:

Yeah. Basically it's like, oh my poor heirs I feel so sorry for....oh wait, no I don't, I'm dead.

A lot of people go to a lot of work and expense to organize the estate for their death, so that the kids have an easy time of it. I suppose if a person is doing a reverse mortgage they probably dont have much.
0 Replies
 
 

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