Random Thread - Anything Goes
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@wirestyle22 said in Random Thread - Anything Goes:
@JaredBusch said in Random Thread - Anything Goes:
@DustinB3403 said in Random Thread - Anything Goes:
You aren't giving away the equity, you're slowly selling the property while you live there until death or you actually sell it. Whatever you may sell the house for, off the top covers the reverse mortgage to pay that back and then any outstanding debts.
It can make sense, in some cases. Single-non working childless person who is near that age. Wants to live in their house and have helping hands or whatever come over to assist.Anyway, this is what it is. A reverse mortgage, done properly, is a perfect way to stay in your house, and not need to worry about your heirs needing to sell it, etc.
Like anything else, the only problem with this is predatory lendors. Those people exist across the spectrum. But of course they are more prevalent around the low income people that re most likely not to plan ahead, read, or understand if they read, the contracts they are signing.
That's a good point. I'm just curious what the hassle is worth to each person. I have heard of assets being unable to sell and draining the inheritors
you can always forfeit the property to the county or state, then you're off the hook for the taxes - only part I could see that would force a person to be drained...
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@Dashrender said in Random Thread - Anything Goes:
@JaredBusch said in Random Thread - Anything Goes:
@wirestyle22 said in Random Thread - Anything Goes:
@DustinB3403 said in Random Thread - Anything Goes:
@wirestyle22 said in Random Thread - Anything Goes:
Is there any good reason to have a reverse mortgage? The only situation I can think of where it sort of makes sense is from a survival standpoint. I'm sure some older people have lost their spouse and may not be able to make payments and still afford to live. It looks really predatory on paper. I'm curious if I am missing something here
A reverse mortgage allows you to access the equity of your home, without having to move. It's usually marketed to older people who aren't working, but need money (and some place to live). Because selling your house for the cash and not having anywhere to live doesn't really work.
This is why retirement communities exist though. You sell your house and move into a much less expensive house.
What do you define as a retirement community? Most senior housing is expensive or subsidzed for low income. Because Retirement communities almost always are assisted living.
In schaumburg, the top rated place is $40k down to get into an apartment that is then $3k-$5k/month.
My mother just moved into a Skilled Nursing facility - $132/day... $46,992/year... this is surprisingly low, I was expecting it to be over $80K/year..
For this she gets a room with a roommate/closet/dresser/3 meals a day/general nursing assistanceSounds like she's paying to be in prison..
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@RojoLoco Can't wait for 90 year olds to be playing gangster rap
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@wirestyle22 said in Random Thread - Anything Goes:
@RojoLoco Can't wait for 90 year olds to be playing gangster rap
Until last week, we had a drummer who was 62, still playing original metal. Hope I'm doing the same at that age.
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@RojoLoco said in Random Thread - Anything Goes:
@wirestyle22 said in Random Thread - Anything Goes:
@RojoLoco Can't wait for 90 year olds to be playing gangster rap
Until last week, we had a drummer who was 62, still playing original metal. Hope I'm doing the same at that age.
I used to work in the operating room of a major hospital and one of the general surgeons listened to metal while he was working. Great guy, very talented surgeon.
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@wirestyle22 said in Random Thread - Anything Goes:
@RojoLoco said in Random Thread - Anything Goes:
@wirestyle22 said in Random Thread - Anything Goes:
@RojoLoco Can't wait for 90 year olds to be playing gangster rap
Until last week, we had a drummer who was 62, still playing original metal. Hope I'm doing the same at that age.
I used to work in the operating room of a major hospital and one of the general surgeons listened to metal while he was working. Great guy, very talented surgeon.
People aren't plumbed like cat5. That must've been an awkward transition. Is Ethernet cable latex free?
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@Grey said in Random Thread - Anything Goes:
@wirestyle22 said in Random Thread - Anything Goes:
@RojoLoco said in Random Thread - Anything Goes:
@wirestyle22 said in Random Thread - Anything Goes:
@RojoLoco Can't wait for 90 year olds to be playing gangster rap
Until last week, we had a drummer who was 62, still playing original metal. Hope I'm doing the same at that age.
I used to work in the operating room of a major hospital and one of the general surgeons listened to metal while he was working. Great guy, very talented surgeon.
People aren't plumbed like cat5. That must've been an awkward transition. Is Ethernet cable latex free?
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@scottalanmiller said in Random Thread - Anything Goes:
Dog disguised as a sandwich waiting on ham. Or baloney.
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@Danp said in Random Thread - Anything Goes:
Me on the weekend because Corona is on sale due to people's stupidity
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@nadnerB said in Random Thread - Anything Goes:
Because Zoom doesn't use point to point infrastructure and funnels all connections through their own servers.... glad professors understand how the Internet works.
