Well, as I understand it, that reverse mortgage scam is nothing but selling your house. While they are allowing you to live in it. At least for a while.
Elk
There has never been an occasion where a people gave up their weapons in the interest of peace that didn't end in their massacre. (Louis L'Amour)
"To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical. " -Thomas Jefferson
"America is great because she is good. If America ceases to be good, America will cease to be great." Alexis de Tocqueville
FBHO!!!
The Idaho Elk Hunter
March 02, 2019, 08:51 AM
Sportshooter
Thanks for the help Mr. ffips. I keep forgetting to try that.
March 02, 2019, 08:54 AM
ffips
quote:
Originally posted by Sportshooter: Thanks for the help Mr. ffips. I keep forgetting to try that.
You're welcome, glad to help, and added the link so you could try it if desired.
March 02, 2019, 09:10 AM
recoatlift
Who are we to believe? I think i’ll Go with Dave Ramsey.
If you have to take equity out of your house you are better off with a cash-out 1st mortgage. As Ramsey said, the interest rates and fees are about half of a reverse mortgage.
However, listening to the video, it seems that most of the people being foreclosed on are because they stopped paying taxes and insurance. You always have to pay the taxes. The Leviathan must be fed.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth." -rduckwor
March 02, 2019, 09:23 AM
smschulz
More of just a bad business deal than a scam.
March 02, 2019, 11:56 AM
Sportshooter
quote:
Originally posted by smschulz: More of just a bad business deal than a scam.
Twice the interest rate, 2/3 the market value and multiples of the usual foreclosure rate might make it difficult to have that viewpoint after an elderly parent fell for such a deal.
March 02, 2019, 12:15 PM
NK402
I have been disappointed to see Selleck doing those ads.
March 02, 2019, 12:16 PM
erj_pilot
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Whatever brings in money. Tom's gotta eat and pay bills too!!
"If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne "Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24
March 02, 2019, 12:41 PM
darthfuster
Dave is the reason we got our house paid off in 7 and a half years. His name is gold around our house
You’re a lying dog-faced pony soldier
March 02, 2019, 12:57 PM
jhe888
quote:
Originally posted by smschulz: More of just a bad business deal than a scam.
Exactly. A bad deal but not fraud.
The fish is mute, expressionless. The fish doesn't think because the fish knows everything.
March 02, 2019, 01:24 PM
Rey HRH
quote:
Originally posted by jhe888:
quote:
Originally posted by smschulz: More of just a bad business deal than a scam.
Exactly. A bad deal but not fraud.
Agreed. It's a bad deal but if it's the best deal you can get....
There's a saying: people will grasp the blade of a double edged sword if it's the only thing they can grab to keep from falling down a chasm.
"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
March 02, 2019, 01:26 PM
ensigmatic
quote:
Originally posted by jhe888:
quote:
Originally posted by smschulz: More of just a bad business deal than a scam.
Exactly. A bad deal but not fraud.
I was always taught "If it sounds too good to be true..." Reverse mortgages always sounded to me like they fell into that category.
"America is at that awkward stage. It's too late to work within the system,,,, but too early to shoot the bastards." -- Claire Wolfe "If we let things terrify us, life will not be worth living." -- Seneca the Younger, Roman Stoic philosopher
March 02, 2019, 01:38 PM
Rustyblade
Except for a very few a reverse mortgage is not in a home-owners best interest.
Yet between Ft Lauderdale & w. Palm Beach there seem to be many doing it.
Among a few different social groups(billiard clubs, shooting events, golf...) a great many doing it are retired (often both) from The Public Sector. Teachers and police especially.
Just an observation.
Do not necessarily attribute someone's nasty or inappropriate actions as intended when it may be explained by ignorance or stupidity.
March 02, 2019, 03:10 PM
radioman
Is it okay to not like Dave Ramsey?
Some of his advice is good, but he's just annoying.
---------------------- Let's Go Brandon!
March 02, 2019, 03:12 PM
12131
quote:
Originally posted by radioman: Is it okay to not like Dave Ramsey?
Some of his advice is good, but he's just annoying.
I'm with you.
Q
March 02, 2019, 04:55 PM
ElToro
Depends. My grandma was 98 and had burned through most of her cash in the preceding decade of having a live in nurse. She absolutely did not want to go to a rest home but needed a 24 hour nurse helper. So my mom and aunt helped to arrange a reverse mortgage for her. No monthly payments and when she finally passed away they sold the house and my mom and aunt split the difference of cash left over. I think it was about 2-3 years of interest accruing. Because of the reverse she was able to stay in her own home up until about the final 3 days of her life.
Now if your mid 60sand have 30+ years left and have no desire to leave your kids a house it’s a great deal. No payments ever. Cash up front now and if the house sells for less than the balance owed at the end,well the bank loses and the estate is not on the hook for the difference. There is no foreclosure in a reverse mortgage. No money is owed til the last spouse dies or finally leaves the home. Just like anything else it’s a financial tool to access money.
I listen to Dave Ramsey a lot on my drive home but sometimes he’s just plain wrong. In general getting out of debt and saving is a good plan. But sometimes life gets in the way of plans. And his holier than though attitude can get old.
