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Reverse mortgages...any experiences or advice?
#97
(03-02-2021, 11:17 AM)TakeThePoints Wrote:
Hightop77 Wrote:
Beastdog Wrote:
cincydawg Wrote:I think he's a good candidate for an RM, as good as it gets.

I think some elderly are swayed by these commercials and get taken.  But the concept can match an individual's needs.  Obviously the RM provider does it in expectation of making money, not off each individual deal, but in general.

A downside is that we can't be completely certain about our ability to live in our home until we kick.
He hasn't really stated the "problem" he's trying to solve, other than desiring to live "rent free" for the rest of his life. Going into a financial transaction with a bank comes at a cost, so it should only be done if it addresses a problem.
Living rent free is only a valid reason IMO if he has a significant risk of not being able to make his mortgage payments for the remainder of his life. Eliminating some expenses "sounds nice" to many. But I am more focused on building my net worth and leaving as much as I can to my children. He obviously has different goals, which is fine.

Yeah.  I have kind of given up trying to figure out what he is wanting to accomplish.  Getting rid of the monthly house payment by adding more debt and more interest doesn't sound prudent.  But I wish him well if he is happy with it.
One more time, and I will type slowly.  This in NOT adding any debt, other than normal loan closing costs.  Same mortgage of $170,000, with an interest rate of around 3%, which you never have to make payments on.  Plus you can take approx. $90,000 cash out if you want to add that to the mortgage amount. in that case the RV co. is making interest on $260,000. 

The RV co. is making their origination fees plus 3% on the mortgage.  I am paying 3.25% on my current mortgage, so even the interest rate could be slightly less.
I really don't know what you are thinking, but I will still buy you a nice cold Keystone.
If you pay off the loan with all the cash you already have you have no loan, no interest, and no new fees. While that makes more sense to most of us, I am done.  You asked for advice and we gave it to you.  All the nice things I have said about you on here and giving about $3000 worth of my time to give you advice on this goofy reverse mortgage and you offer me a can of piss water???  WTF!
"Hightop can reduce an entire message board of men to mudsharks. It's actually pretty funny to watch."


Reply
#98
(03-02-2021, 01:08 PM)Hightop77 Wrote:
(03-02-2021, 11:17 AM)TakeThePoints Wrote:
Hightop77 Wrote:
Beastdog Wrote:
cincydawg Wrote:I think he's a good candidate for an RM, as good as it gets.

I think some elderly are swayed by these commercials and get taken.  But the concept can match an individual's needs.  Obviously the RM provider does it in expectation of making money, not off each individual deal, but in general.

A downside is that we can't be completely certain about our ability to live in our home until we kick.
He hasn't really stated the "problem" he's trying to solve, other than desiring to live "rent free" for the rest of his life. Going into a financial transaction with a bank comes at a cost, so it should only be done if it addresses a problem.
Living rent free is only a valid reason IMO if he has a significant risk of not being able to make his mortgage payments for the remainder of his life. Eliminating some expenses "sounds nice" to many. But I am more focused on building my net worth and leaving as much as I can to my children. He obviously has different goals, which is fine.

Yeah.  I have kind of given up trying to figure out what he is wanting to accomplish.  Getting rid of the monthly house payment by adding more debt and more interest doesn't sound prudent.  But I wish him well if he is happy with it.
One more time, and I will type slowly.  This in NOT adding any debt, other than normal loan closing costs.  Same mortgage of $170,000, with an interest rate of around 3%, which you never have to make payments on.  Plus you can take approx. $90,000 cash out if you want to add that to the mortgage amount. in that case the RV co. is making interest on $260,000. 

The RV co. is making their origination fees plus 3% on the mortgage.  I am paying 3.25% on my current mortgage, so even the interest rate could be slightly less.
I really don't know what you are thinking, but I will still buy you a nice cold Keystone.
If you pay off the loan with all the cash you already have you have no loan, no interest, and no new fees. While that makes more sense to most of us, I am done.  You asked for advice and we gave it to you.  All the nice things I have said about you on here and giving about $3000 worth of my time to give you advice on this goofy reverse mortgage and you offer me a can of piss water???  WTF!
And better yet, if he has the $170k to pay it off but instead puts it in a 4% return investment (very conservative) and just continues to pay the mortgage (I'm assuming $1k per month) he has enough money there to make that payment for the next 21 years, which is probably longer than the payoff date of his current loan. Which would mean his heirs would get 100% ownership of his house when he passes.
Reply
#99
(03-02-2021, 01:16 PM)Beastdog Wrote:
(03-02-2021, 01:08 PM)Hightop77 Wrote:
(03-02-2021, 11:17 AM)TakeThePoints Wrote:
Hightop77 Wrote:
Beastdog Wrote:He hasn't really stated the "problem" he's trying to solve, other than desiring to live "rent free" for the rest of his life. Going into a financial transaction with a bank comes at a cost, so it should only be done if it addresses a problem.
Living rent free is only a valid reason IMO if he has a significant risk of not being able to make his mortgage payments for the remainder of his life. Eliminating some expenses "sounds nice" to many. But I am more focused on building my net worth and leaving as much as I can to my children. He obviously has different goals, which is fine.

Yeah.  I have kind of given up trying to figure out what he is wanting to accomplish.  Getting rid of the monthly house payment by adding more debt and more interest doesn't sound prudent.  But I wish him well if he is happy with it.
One more time, and I will type slowly.  This in NOT adding any debt, other than normal loan closing costs.  Same mortgage of $170,000, with an interest rate of around 3%, which you never have to make payments on.  Plus you can take approx. $90,000 cash out if you want to add that to the mortgage amount. in that case the RV co. is making interest on $260,000. 

The RV co. is making their origination fees plus 3% on the mortgage.  I am paying 3.25% on my current mortgage, so even the interest rate could be slightly less.
I really don't know what you are thinking, but I will still buy you a nice cold Keystone.
If you pay off the loan with all the cash you already have you have no loan, no interest, and no new fees. While that makes more sense to most of us, I am done.  You asked for advice and we gave it to you.  All the nice things I have said about you on here and giving about $3000 worth of my time to give you advice on this goofy reverse mortgage and you offer me a can of piss water???  WTF!
And better yet, if he has the $170k to pay it off but instead puts it in a 4% return investment (very conservative) and just continues to pay the mortgage (I'm assuming $1k per month) he has enough money there to make that payment for the next 21 years, which is probably longer than the payoff date of his current loan. Which would mean his heirs would get 100% ownership of his house when he passes.

If I am Point's heirs, I am immediately going into court and have him declared incompetent for even thinking about this.  Cool
"Hightop can reduce an entire message board of men to mudsharks. It's actually pretty funny to watch."


Reply
(03-02-2021, 12:25 PM)Beastdog Wrote:
(03-02-2021, 12:21 PM)Alabuckeye Wrote: so, do we have a final determination that TTP has horrible judgment?
Heck no! He's gonna be able to live rent free the rest of his life, have some more money in his pocket, and not take on any more debt. It's brilliant!

I think that's the answer he's looking for, so let's give him that one.
Hell yes.  Even though you are being snarky, you finally got it right.
DANGEROUS WHEN PROVOKED
Reply


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