Dave Ramsey - reverse mortgages are scams.

January 24, 2020, 12:17 PM

enidpd804

quote:
Originally posted by Hay2bale:
quote:
Originally posted by old rugged cross:
[
In MN, we all (LE) pay into PERA, we do not pay into SS. My retirement is based entirely on the payout from PERA. Even at 65 I will not get SS. This is not optional.

i had no idea that having ss taken out of ones check was optional. That is a new one on me.
I thought everyone had to pay it.

If you thought everyone had to pay it.....why didn't you have to pay it??? Are you some kind of Social Security Tax cheater?

You might want to read the whole thread to see how the above quote ended up reading that way.

January 24, 2020, 04:20 PM

Bisleyblackhawk

quote:
Originally posted by darthfuster:
Dave is the reason we got our house paid off in 7 and a half years. His name is gold around our house

Same here.

...he can be annoying at times...but at least he makes you think about things

********************************************************

"we've gotta roll with the punches, learn to play all of our hunches
Making the best of what ever comes our way
Forget that blind ambition and learn to trust your intuition
Plowing straight ahead come what may
And theres a cowboy in the jungle"
Jimmy Buffet

January 30, 2020, 01:48 PM

Timdogg6

quote:
Originally posted by jhe888:
quote:
Originally posted by smschulz:
More of just a bad business deal than a scam.

This is probably accurate. You are, in essence borrowing money against the house, which is given to the lender at your death to pay off the loan. But the rates are bad, and the projected price is also low. It is my feeling that they are almost always a poor way to borrow, but not a scam per se.

How are rates bad? The standard LIBOR HECUM is at 4.02% and fixed rate at 5%. sure its .5 higher than a 30 year fixed, but you can't get a 30 year fixed without INCOME. And no the lender is NOT in any way given your home at death this is not true!

__________________________
The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz

January 30, 2020, 02:19 PM

229DAK

quote:
Originally posted by Hay2bale:
quote:
Originally posted by old rugged cross:

In MN, we all (LE) pay into PERA, we do not pay into SS. My retirement is based entirely on the payout from PERA. Even at 65 I will not get SS. This is not optional.

I had no idea that having ss taken out of ones check was optional. That is a new one on me. I thought everyone had to pay it.

If you thought everyone had to pay it.....why didn't you have to pay it??? Are you some kind of Social Security Tax cheater?

Under the old Federal retirement system, CSRS, feds did not pay into SS. Congress changed the retirement system around 1987 to FERS, which includes SS.

My sister, a teacher in Nevada, pays into a public teacher's retirement system ILO SS.

Not everyone pays OASDI/SS.

_________________________________________________________________________
“A man’s treatment of a dog is no indication of the man’s nature, but his treatment of a cat is. It is the crucial test. None but the humane treat a cat well.”
-- Mark Twain, 1902

January 30, 2020, 02:30 PM

Pyker

quote:
Originally posted by 229DAK:
quote:
Originally posted by Hay2bale:
quote:
Originally posted by old rugged cross:

In MN, we all (LE) pay into PERA, we do not pay into SS. My retirement is based entirely on the payout from PERA. Even at 65 I will not get SS. This is not optional.

I had no idea that having ss taken out of ones check was optional. That is a new one on me. I thought everyone had to pay it.

If you thought everyone had to pay it.....why didn't you have to pay it??? Are you some kind of Social Security Tax cheater?

Under the old Federal retirement system, CSRS, feds did not pay into SS. Congress changed the retirement system around 1987 to FERS, which includes SS.

My sister, a teacher in Nevada, pays into a public teacher's retirement system ILO SS.

Not everyone pays OASDI/SS.

This ^^^ is a piss poor attempt to quote my post above. If you take the time to look through the thread, all will become clear.