Comments on: reverse mortgages http://www.bripblap.com/reverse-mortgages/ thoughtful personal finance, career and health advice Sun, 05 Feb 2012 07:46:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: reverse mortgage http://www.bripblap.com/reverse-mortgages/comment-page-1/#comment-29801 reverse mortgage Sun, 22 Mar 2009 05:53:18 +0000 http://www.bripblap.com/2007/reverse-mortgages/#comment-29801 Sounds complicated As the financial mess grows, more and more seniors are more and more desperate to find ways, not just to keep their property, but to survive. It is imperative that whoever advises them has altruistic motives. Sounds complicated As the financial mess grows, more and more seniors are more and more desperate to find ways, not just to keep their property, but to survive. It is imperative that whoever advises them has altruistic motives.

]]> By: reverse mortgage http://www.bripblap.com/reverse-mortgages/comment-page-1/#comment-27492 reverse mortgage Sat, 21 Mar 2009 22:53:18 +0000 http://www.bripblap.com/2007/reverse-mortgages/#comment-27492 Sounds complicated As the financial mess grows, more and more seniors are more and more desperate to find ways, not just to keep their property, but to survive. It is imperative that whoever advises them has altruistic motives. Sounds complicated As the financial mess grows, more and more seniors are more and more desperate to find ways, not just to keep their property, but to survive. It is imperative that whoever advises them has altruistic motives.

]]> By: Bubelah http://www.bripblap.com/reverse-mortgages/comment-page-1/#comment-114 Bubelah Thu, 02 Aug 2007 13:39:40 +0000 http://www.bripblap.com/2007/reverse-mortgages/#comment-114 One fact is overlooked about "the Parents" is that they love their house and it is a not a financial drain for them. So, why everything in this life has to be measured as "financial" loss or gain or good or bad investments, sound financial decisions, etc.? I only wish they had the house in some apealing location, somewhere on the beach, somewhere in Florida or Bahamas ;o) Ahhhhhhh (that's just me, I love warm weather, sand beaches and blue water - the ultimate getaway for me). One fact is overlooked about “the Parents” is that they love their house and it is a not a financial drain for them. So, why everything in this life has to be measured as “financial” loss or gain or good or bad investments, sound financial decisions, etc.?
I only wish they had the house in some apealing location, somewhere on the beach, somewhere in Florida or Bahamas ;o) Ahhhhhhh (that’s just me, I love warm weather, sand beaches and blue water – the ultimate getaway for me).

]]> By: bripblap http://www.bripblap.com/reverse-mortgages/comment-page-1/#comment-112 bripblap Thu, 02 Aug 2007 10:14:43 +0000 http://www.bripblap.com/2007/reverse-mortgages/#comment-112 Actually one other important piece of information, specific to my parents, is that my dad - by virtue of working as a professor at a state university for his entire career - has a pension that easily covers their expenses. This is very different from my situation, for example, because even once I retire I won't have a pension so I'll be seeking any way possible to maximize my cash flow at a minimum cost to my saved capital at that point. So the reverse mortgage would be extra income but not necessary income. Their situation often makes me really irritated about the times I was born in - having a defined benefit pension removes a LOT of worries about the future, particularly if your employer is a state (not a company) so you don't have to worry too much about them being unable to meet your payments. Unless your employer was New Jersey.... Actually one other important piece of information, specific to my parents, is that my dad – by virtue of working as a professor at a state university for his entire career – has a pension that easily covers their expenses. This is very different from my situation, for example, because even once I retire I won’t have a pension so I’ll be seeking any way possible to maximize my cash flow at a minimum cost to my saved capital at that point. So the reverse mortgage would be extra income but not necessary income.

Their situation often makes me really irritated about the times I was born in – having a defined benefit pension removes a LOT of worries about the future, particularly if your employer is a state (not a company) so you don’t have to worry too much about them being unable to meet your payments. Unless your employer was New Jersey….

]]> By: dong http://www.bripblap.com/reverse-mortgages/comment-page-1/#comment-110 dong Thu, 02 Aug 2007 04:16:08 +0000 http://www.bripblap.com/2007/reverse-mortgages/#comment-110 I don't think reverse mortgages are a terrible idea for certain people. I would actually encourage my parents to look into if they were set in being exactly where they wanted to be. Obviously you want to save for retirement, but even if you have reverse mortgage can be a good idea to juice up how you're living without effecting your circumstances too much. For example I have no desire to inherit anything from my parents, I would like to extract everything out there assets while there living so they can enjoy life. I don’t think reverse mortgages are a terrible idea for certain people. I would actually encourage my parents to look into if they were set in being exactly where they wanted to be. Obviously you want to save for retirement, but even if you have reverse mortgage can be a good idea to juice up how you’re living without effecting your circumstances too much. For example I have no desire to inherit anything from my parents, I would like to extract everything out there assets while there living so they can enjoy life.

]]> By: bripblap http://www.bripblap.com/reverse-mortgages/comment-page-1/#comment-108 bripblap Thu, 02 Aug 2007 01:47:45 +0000 http://www.bripblap.com/2007/reverse-mortgages/#comment-108 I guess my parents' argument for keeping it would be that they still use it several times per year. It doesn't cost anything to maintain (practically) and since they are actually living in an apartment in my brother's house, they don't need the cash immediately for a down payment. It's actually a very pleasant problem to have, really - not to have to worry about selling your house. Here in the New York area property taxes alone would force you to a decision extremely quickly. I guess my parents’ argument for keeping it would be that they still use it several times per year. It doesn’t cost anything to maintain (practically) and since they are actually living in an apartment in my brother’s house, they don’t need the cash immediately for a down payment.

It’s actually a very pleasant problem to have, really – not to have to worry about selling your house. Here in the New York area property taxes alone would force you to a decision extremely quickly.

]]> By: FourPillars http://www.bripblap.com/reverse-mortgages/comment-page-1/#comment-106 FourPillars Thu, 02 Aug 2007 00:33:24 +0000 http://www.bripblap.com/2007/reverse-mortgages/#comment-106 I don't think reverse mortgages are a horrible deal but I don't understand why your parents don't just sell the house? What is their logic for keeping it? The whole point of a rm is to be able to stay in the same house even if you can't really afford it. They should sell it, invest the $$ and just rent an apartment if they need to have their own place to call home. Mike I don’t think reverse mortgages are a horrible deal but I don’t understand why your parents don’t just sell the house? What is their logic for keeping it? The whole point of a rm is to be able to stay in the same house even if you can’t really afford it.
They should sell it, invest the $$ and just rent an apartment if they need to have their own place to call home.

Mike

]]> By: SavingDiva http://www.bripblap.com/reverse-mortgages/comment-page-1/#comment-103 SavingDiva Wed, 01 Aug 2007 16:48:43 +0000 http://www.bripblap.com/2007/reverse-mortgages/#comment-103 I think a reverse mortgage is a worse case scenerio. No one should plan on doing it...I think it's much smarter to save for retirement now. I think a reverse mortgage is a worse case scenerio. No one should plan on doing it…I think it’s much smarter to save for retirement now.

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