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Old 04-08-2020, 07:58 PM
Gizzy
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Reverse Mortgage



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With all that's going on, I am thinking of doing this to get some money to make it through. Looks to be no work for some time to come now, and I have run out of things to sell to pay the bills. Anyone have any tips or cautions? I do own my home. Its paid off, so thought I would save someone asking.
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Old 04-08-2020, 09:23 PM
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You need to track down some of that $2 trillion dollars. Should be just about the right time for a low or no interest loan. 1917

Last edited by 1917-1911M; 04-10-2020 at 02:08 AM.
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Old 04-08-2020, 09:53 PM
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A good friend of mine in town sells reverse mortgages. His commissions are huge. Enough said.
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Old 04-08-2020, 10:24 PM
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Your home is your best and most valuable asset, you should never, ever, encumber it once it's paid off. Never.


The people promoting those Reverse Mortgages spend millions on TV advertising, ever wonder where they get that kind of money and why they would spend it on advertising their "product"?
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Old 04-08-2020, 11:52 PM
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Originally Posted by jnyork View Post
Your home is your best and most valuable asset, you should never, ever, encumber it once it's paid off. Never.


The people promoting those Reverse Mortgages spend millions on TV advertising, ever wonder where they get that kind of money and why they would spend it on advertising their "product"?
I will be 59 in a few weeks, and I only have this house because I took care of my father after my mother passed, and my father and I paid it off. They had the house built for them 30 years ago. I will not need the house for making money later. My daughter is all I have to pass anything down to, and she could not care if she gets anything from the house. So why shouldn't I get what I need to live? I sold my last rifle a few weeks ago, meaning the last one I can sell, or I will not have any left to kill some squirrels or deer with if I sell the others. I just sold 2 scopes, and just today, got $50 for a putter. In another month or so, I will not have any internet to be on here, or electric to cook with, or gas to have hot water for a shower. Just saying... If they have fees, then so be it, but I need money or I will be stuck in a cold dark house with not even a radio to listen to. Just telling it like it is.

I have tried and tried and tried to get some sort of government help, but they only take calls from 8am-noon, and have never got anyone on the phone. I take 7 prescriptions plus in the summer my allergy meds, which I have to pay full price for all of them. If my insurance does not get paid next month, I will have to walk the 3 miles to Walmart to get my prescriptions refilled, if I have that money, because I will not have car insurance.

Now with everyone being closed up and so many laid off, I do not see a job coming anytime soon. Thats even that many more people trying to call the same phone number I have been for about 8 months now. Its just me and my zero income to live off of. It has taken all the guns my Dad left me and my own guns to pay the bills for the past 18 months. My furnace is still broken since 2018. I need a hot water heater and many other things that will never come if I do not come up with more money than I can get working.

I thought I would just get some ideas as to who was the best company to work with and the ones to stay away from, but I am being told to not do it at all, but I have to do something. Thats why I went into so much detail about whats up, so you will all see I am at the bottom right now, and have nothing left to sell to pay anymore bills after then end of this month.
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Old 04-08-2020, 11:52 PM
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You need to track down some of that $2 billion dollars. Should be just about the right time for a low or no interest loan. 1917
Can't get a loan without a job to make the payments.
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Old 04-09-2020, 03:26 AM
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It may be time to sell your house and rent until conditions improve. You can pay the bank for a lousy reverse mortgage over decades, or pay rent for whatever time you need to before getting a job and buying another home.

While my situation is different than yours, I sold my house in 2018 because its value was at an all-time high. Indicators at the time said that interest rates should rise over the coming year, so house prices should fall. Didn't work out thataway. I've been renting for two years instead of the one year I'd planned on.

Now I'm facing a probable layoff due to the CV thing. Like anyone, all I can do is hope that conditions improve sooner than later. No matter what the situation looks like at any given time in life, the best we can do is place bets and cross fingers.
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Old 04-09-2020, 07:17 AM
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Gizzy ...have you given any thought to renting 1 or 2 of the rooms out in your house. You could probably get $500 apiece . I know people who have taken on boarders for a period of time to help pay for expenses.
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Old 04-09-2020, 07:37 AM
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Gizzy, I'm with the others on reverse mortgages. Good for the lender, not so much for the borrower.

But you need money now and your house is your only real asset. If you don't want to sell it I'd suggest you call your bank and ask about a home equity line of credit (HELOC). Depending on your credit rating and relationship with the bank you could have cash in a couple days with a much lower cost loading than a reverse mortgage.

Good luck sir,

Frank
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Old 04-09-2020, 07:49 AM
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Lt. Crunch is right on the money, IMHO. Also, consider that with the Fed rates near or at zero, interest rates on a home equity line of credit are likely to be as low as they ever get. Still, I know finding work has been tough, even before the current crisis, and if you can't reasonably see a way to pay the money back, selling might be a better way to go. At least you'll recognize the equity you have in the house.
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Old 04-09-2020, 08:04 AM
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Originally Posted by LtCrunch View Post
Gizzy, I'm with the others on reverse mortgages. Good for the lender, not so much for the borrower.

But you need money now and your house is your only real asset. If you don't want to sell it I'd suggest you call your bank and ask about a home equity line of credit (HELOC). Depending on your credit rating and relationship with the bank you could have cash in a couple days with a much lower cost loading than a reverse mortgage.

Good luck sir,

Frank
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Originally Posted by flangster View Post
Lt. Crunch is right on the money, IMHO. Also, consider that with the Fed rates near or at zero, interest rates on a home equity line of credit are likely to be as low as they ever get. Still, I know finding work has been tough, even before the current crisis, and if you can't reasonably see a way to pay the money back, selling might be a better way to go. At least you'll recognize the equity you have in the house.
Ditto
Dunno the depth of your attachment to your home Giz but Frank's suggestion sounds like the best if you like where you live.
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Old 04-09-2020, 09:06 AM
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+1 on a home equity and not the reverse mortgage.

Not being familiar with the utilities in your area I canít say what they might do but here the power company, water, and cable internet have all said they will not disconnect anyone while this emergency is going on. You might want to check into those while you are exploring your options with the house.

Good luck.
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Old 04-09-2020, 09:17 AM
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Option 1

Sell the house and rent. You won't have to worry about maintenance and yard work. As your money dwindles down, get your name on a list at a local senior citizens building. If the house is only 30 years old, that is pretty much new. I have no idea what houses are worth near you, 250K maybe. Thats a lot of rent money. Put the money in something conservative that generates some kind of income.

225,000 / $800 month rent =281 months / 12 = 23 years.

Option 2

Go into town all polished up and find yourself a rich widow and move in with her.
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Old 04-09-2020, 09:32 AM
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You have to survive and a reverse mtg may be the best option at this time. I personally know of one person (80 yr old widow) who had a reverse mtg. Her choice was to do the reverse mtg or lose the house. She was unsuccessful in selling it for a yr prior to the reverse mtg and ran out of cash. A couple yrs later she got back on her financial feet and payed to get out of it.

Many public utility agencies and banks are giving breaks on late pmts. I'm getting emails telling me to call if I need to do that. I would call all of them and try to work something out. Also, if you don't pay property taxes the govt will take your house. Heard of tax certificate auctions? That how it happens and it's 3 yrs where I live. Taxes can be deferred a while so call the tax assessor in your county for info.
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Old 04-09-2020, 10:42 AM
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Sell the house with a life estate for you. You can finance yourself since you own it with the agreement you can live there the rest of your life and then the house goes to the purchaser. If the purchaser misses payments the house goes back to you. Put it in the contract along with everything else. I'd hire a professional for setting this up.

There has got to be some help for people in your situation. When people have jobs and are earning money they don't need these types of programs. I can apply to pay no property tax here if I have no income. The lady I purchased this house from did rent to professional people coming to work with AT&T and another nearby large Corporation. Guys only, they had good jobs, she charged them plenty but with something they really needed....month to month rental. Not a 12 mo agreement. These were professionals who had moved over and couldn't bring their family until the home house sold. At that point they purchased a house somewhere and moved out. She was on the list at these Corps as a place to rent month to month and depended on these places of employment for screening. She said she did not rent to women.

is there are welfare dept nearby, I'd visit them. I'd apply for food stamps too. I'd apply for everything....you've paid taxes all your life. Get some of it back if you can. You have a good reason as to why you were not employed and now that your eyes are back on track the economy has taken a hit. It will all pass if you can figure out how to carry on. There are people who deal with these types of issues every day. It is their job. Hopefully you will get a $1,200 check soon. I'm not sure that is going to happen but it might.. Best of luck with it all. I know it is worrisome. 1917
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