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Old 08-13-2005, 07:21 AM   #1
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A search revealed nothing on this subject.

This is something we are considering. I like the idea of not making a monthly mortgage payment and having a large line of credit ready if needed.

We will lose our yearly IRS mortgage interest deduction.

Anyone gone this route? Any comments?
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Old 08-13-2005, 07:21 AM   #2
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A search revealed nothing on this subject.

This is something we are considering. I like the idea of not making a monthly mortgage payment and having a large line of credit ready if needed.

We will lose our yearly IRS mortgage interest deduction.

Anyone gone this route? Any comments?
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Old 08-13-2005, 12:06 PM   #3
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Scooter - hard to believe your search came up empty.... (unless you meant a search here as opposed to the internet).

There is a RM thread at RV.NET that I posted to not 15 minutes ago; I did a Google search & came back with a bunch of hits. I posted 3 links in that thread. Read it HERE.
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Old 08-13-2005, 01:23 PM   #4
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BPFan:

Yes, I meant that I got no search hits on this forum.
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Old 08-13-2005, 03:00 PM   #5
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Scooter, I read recently 'somewhere' that AARP is opposed to the Reverse Mortgage. You might want to search for AARP site. Art

Here's AARP, go to it and do a search on reverse mortgage.

http://www.aarp.org/
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Old 08-14-2005, 06:29 AM   #6
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Here is the Consumer's Guide to Reverse Mortgages published by the AARP.
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Old 08-14-2005, 08:08 AM   #7
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If yu want to give all that you have earned, accumulated or had given to you during your whole life away to someone then take out a reverse mortgage...you will realize approx 30% return on a 100% investment(a loss of 70%)..A reverse mortgage is a polite term used by the banks/mortgage companies to say...we have stuck it to you all your life..but now were gonna stick it in your ear when your gone,,,sign here.. If perchance you are considering doing this because there is no family to leave your wealth too and you want extra cash while you are alive, establish a line of credit on your property and withdraw against it...leave the property to a charity.. at least in the end someone that need help will reap a profit...OH! I get so upset about this...
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Old 08-14-2005, 12:38 PM   #8
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Here is what I understand so far:

The reverse mortgage lender pays off the existing mortgage and does not require any more payments. Mortgage interest is accumulating, however.

We can get a cash amount, monthly payment or a line of credit, based on a formula that is either a percentage of the market value or equity in the home.

When we sell, the reverse mortgage lender is paid off and we keep the balance of the sale price.

When the last of the title holders goes to his or her Eternal Reward (she's going, not sure about me - could be the Hot Place) the heirs sell the house, lender get paid and heirs get the balance.

What I like is no more $2000 monthly mortgage payments. If I/we live to be 100 the lender takes a beating.

Let me know errors in my thinking.
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Old 08-15-2005, 03:44 AM   #9
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Pay very close attention to the mortgage % rates, have your OWN Lawyer do the legals....Its a situation that IMHO I would not want to get into myself......I cant see a person coming out ahead with this arrangement...but then if your dead it dont matter...I would certainly be looking at other options first...
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Old 08-16-2005, 08:22 AM   #10
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">REVERSE MORTGAGE </div></BLOCKQUOTE>
http://www.reverse.org/
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Old 08-20-2005, 02:39 PM   #11
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It seems that to pay off the existing mortgage, we will exceed the reverse mortgage lending limit.

So, no reverse mortgage for us.

Thanks for your help.
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Old 08-20-2005, 05:21 PM   #12
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I'm making up the numbers here just to make sure I understand your point.

Your current mortgage payoff is $100K. The bank will only allow you a reverse mortgage of $50K. Per the AARP website, you are typically required to payoff the existing mortgage so that the reverse mortgage is the "first" mortgage on the property. In your case, since you owe more than the bank would finance, it's not for you.

Here's the quote from the AARP:

Debt Payoff
Reverse mortgages generally must be "first" mortgages, that is, they must be the primary debt against your home. So if you now owe any money on your property, you generally must either :

pay off the old debt before you get a reverse mortgage; or

pay off the old debt with the money you get from a reverse mortgage.

Most reverse mortgage borrowers pay off any home debt with a lump sum advance from their reverse mortgage. You may not have to pay off other debt against your home if the prior lender agrees to be repaid after the reverse mortgage is repaid. Generally only state or local government lending agencies are willing to consider "subordinating" their loans in this way.
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Old 08-21-2005, 05:38 AM   #13
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Yup!
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Old 08-27-2005, 04:15 PM   #14
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I don't want to beat a dead horse but I knew little about the reverse mortgage.

I saw a TV ad featuring a phone number to get a cd explaining the program. Grabbing anything free I called the number 800 581-0954 and requested the cd.

I just got it today. A reverse mortgage is not for everyone, most on this BB that can afford RVs and the expense involved are probably in fair financial shape.

But things can change very quickly and there are some things I for one didn't plan on in my retirement financial planning. The number of reunions I'm requested to attend. Grand children having to live with me for some years.
Taking care of an elderly person. ect.

So for the spouse who dies (Usually the guy) and he didn't leave contingency for the wife, or a dropped medical plan, dropped retirement plan, or one takes in 10 Grandkids and needs different transportation, has massive unexpected medical problems, reverse mortgages are one of the options available.

For some it could be the only option available. I suggest one really look into it as not only could we may need it some day, we may need to advise some one else. Art
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