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Reverse Mortgage
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10-07-2014, 02:21
Me and the hubby are thinking about a reverse mortgage. Anyone have any advice on this subject?? We have no children so we really have no one to leave our property to anyway. We thought since he is about to retire it might help us financially.
10-07-2014, 05:07
In France they have this scheme whereby somebody buys the rights to your property by paying you a fixed income every month until you die. Then they move in and it belongs to them. It's quite popular too. This of course assumes that you already own the place outright. If you only live a year from the first month of the contract, they only pay for a year and the property is theirs - if you live for twenty years, they pay for twenty. Works out very well for people with no dependants or family to leave their home to. Many, many people throughout Europe do not own their own home, especially in the major cities.
'The purpose of life is a life of purpose' - Athena Orchard.
10-07-2014, 05:54
It's a good idea in theory and many folks have benefited from various companies...and a lot of folks have been burned. Find the best Real Estate attorney you can afford. Then listen to and follow their advice--they are on the hook to find the best deal for you and you alone--don't want to go generic in this. A good tax accountant/advisor is also essential. You shouldn't have to lay out much cash for either one--they get paid when you get your money (contingency fees). And both together may come up with another way to cash-out slowly while retaining occupancy we here couldn't think of--that's why you hire the best. Best of luck to you and your husband.
A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind--Dr. Johnson
What he said. Amen, Bro--JazzboCR
10-07-2014, 16:54
rebelgirl Wrote:Here is the link to AAG http://www.aag.com/info.php?pid=187&utm_...ign=search It doesn't matter a tinker's damn what we think of this company--it matters what your attorney finds out and advises you to do. Your attorney's fee is not a cost, it's an investment, and my guess is that fee is expensable, that is, it reduces any taxes that may be due and payable. I wouldn't go to a legal Board and ask for music advice...
A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind--Dr. Johnson
What he said. Amen, Bro--JazzboCR
10-07-2014, 17:46
I thought on Chit Chat we could talk about anything. Guess I was wrong. Probably should have put it under Politics since it's a government issue.
10-07-2014, 18:39
nope
this is the right thread and you can talk about anything but financial stuff is too personal for anyone here to offer you advice jmo
10-07-2014, 21:05
OK. I did not mean to get into my personal business. I just wanted to know what y'all think about those companies or heard anything. It's on TV all the time. I know y'all like jazz and I have tried to get along with him without being cussed at. I don't know why he even answers me. It's obvious he doesn't like me. But, that's okay. Just had to get it off my chest.
12-07-2014, 18:48
rebelgirl Wrote:OK. I did not mean to get into my personal business. I just wanted to know what y'all think about those companies or heard anything. It's on TV all the time. I know y'all like jazz and I have tried to get along with him without being cussed at. I don't know why he even answers me. It's obvious he doesn't like me. But, that's okay. Just had to get it off my chest. I have no negative attitude about Member rebelgirl. None. A serious question was posed, serious answers were given, then a particular, more pointed question was posed which disregarded the previous answers given. A particular, more pointed answer was given...and then a pointed statement was made, questioning an answerer's motives and spirit. I am baffled...and leave this matter to a disinterested 3rd party to sort out. I am done with this convo but stand by what I've written.
A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind--Dr. Johnson
What he said. Amen, Bro--JazzboCR
14-07-2014, 04:11
jazzboCR Wrote:I have no negative attitude about Member rebelgirl. None. A serious question was posed, serious answers were given, then a particular, more pointed question was posed which disregarded the previous answers given. A particular, more pointed answer was given...and then a pointed statement was made, questioning an answerer's motives and spirit. I am baffled...and leave this matter to a disinterested 3rd party to sort out. I am done with this convo but stand by what I've written.I did not disregard the answers!! I really wanted to know about a certain company and if it was the way I needed to go without problems. That's all. Again, I did not mean to get into my personal business. That subject was brought up so I offered a answer. Wish I had stayed completely away from this subject!! But, unlike jazz I stand by my posts as far as our non relationship. We don't get along and I'm sorry about that!! I'm finished with Chit Chat. 
14-07-2014, 11:13
IMO giving "generic advice" is pointless Rebel....
you need to sit down with either an accountant, a finance advisor, your bank manager or a lawyer who is well versed in financial matters and even then, they can only give you advice based on the facts and figures you give them... sure, anything is allowed to be discussed in a "chit chat" forum...but financials and opinions on finances etc is not "chit chat" i am there fore closing this thread immediately!
"BTO....Bachman,Turner,Overweight
They were big in the 70s....for five minutes,on a Saturday,after lunch..." - Me 2014. |
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