Tom turned 75 years of age yesterday.

quote:

Originally posted by DennisM:

quote:

Originally posted by 41:
You would be better off taking out a loan with one of the pay day agencies or a bank with your house as collateral.

Just another clown taking advantage of old people and trying to get in the pearly gates. Sorry...no room.

I have to change channels when he comes on. Nothing like ripping people off.

You're essentially taking a mortgage on your house with a balloon payment that's not due until no borrower-- you or your spouse, if married-- remains in the house.

Want to sell the house? Fine. The HECM gets paid off at closing. Anything in excess of the HECM, you keep.

You die, or go into a skilled care facility, and the kids want the house? Fine... they can buy it from you or the estate and get financing. Or nobody wants the house, and the bank now owns it.

As long as you're alive and the taxes/insurance are current, it's your house. You live in it.

Absent an external player-- like your kids sucking the line of credit dry-- nobody's getting cheated.

You should look at the terms they quote and you would be better off going to a bank and borrowing money with the house as collateral.

Hey 41 and Elk Hunter and others. If you truly don't understand a HECUM which you don't, stop spouting off what you think is the truth. It's factually inaccurate and I expect better from my fellow forum members.

Many people can't pay off another mortgage. Yrs, it's a better deal. Sometimes a HECUM is the ONLY deal available.

Loved Tom as Lance White on The Rockford Files ...
White on White / Nearly Perfect (1978)

Lance White : No I promise to stay out of the way this time. You've got the job, the one being paid. I'm just here as a friend.

Angela : [in complete adoration] I think it's wonderful that Lance cares for others. It's why everyone loves him.

Jim Rockford : Yeah, well we got snarled up in a case in August. I ended up doing ninety days on a county honor farm.

Lance White : Well I'm sorry about that Jim. I had my clients' interest to protect, and you did break into that hotel room.

Jim Rockford : What client? Who were you working for? Nobody ever seemed to know.

Lance White : Well that was kind of a strange one. Those three little boys hired me.

Jim Rockford : The triplets? They were only eight years old!

Lance White : [humbly] Yeah well, when their folks were killed by the Mob I took them in. Finally I made arrangements for them to live on a friend's farm in Vermont.

Jim Rockford : [sarcastically] Oh, isn't that nice, a happy ending; all of us got to go to a farm!