collapse

Advertisement


Author Topic: Reverse Mortgage - What are your objections?  (Read 7607 times)

Offline Knocker of rocks

  • Non-Hunting Topics
  • Trade Count: (0)
  • Old Salt
  • ******
  • Join Date: Aug 2011
  • Posts: 8819
  • Location: the Holocene, man
Re: Reverse Mortgage - What are your objections?
« Reply #30 on: April 23, 2023, 09:40:18 AM »
Like annuities, reverse mortgages require a little bit of financial savy to work. And like annuities, most of the issues can be explained by the purchaser not understanding the product, and this is probably even more pronounced in reverse mortgages than in annuitized products.

Dave Ramsey is an interesting character, but I would say that his target audience is one that needs or needed financial protection from themselves. The very people who should also not participate in a reverse mortgage

Offline Magnum_Willys

  • Political & Covid-19 Topics
  • Trade Count: (+1)
  • Old Salt
  • ******
  • Join Date: Nov 2009
  • Posts: 5602
Re: Reverse Mortgage - What are your objections?
« Reply #31 on: April 23, 2023, 10:47:03 AM »
Ideally compare Reverse to Option B - refi and make payments out of the refi money - but you tell a bank your elderly folks have no extra income but are going to make the payments out of the amount borrowed and watch the bankers  eyes get big!

Offline Stein

  • Non-Hunting Topics
  • Trade Count: (+11)
  • Explorer
  • ******
  • Join Date: Sep 2013
  • Posts: 12936
  • Location: Arlington
Re: Reverse Mortgage - What are your objections?
« Reply #32 on: April 23, 2023, 11:00:53 AM »
Like annuities, reverse mortgages require a little bit of financial savy to work. And like annuities, most of the issues can be explained by the purchaser not understanding the product, and this is probably even more pronounced in reverse mortgages than in annuitized products.

Dave Ramsey is an interesting character, but I would say that his target audience is one that needs or needed financial protection from themselves. The very people who should also not participate in a reverse mortgage

By the time you get to looking into a reverse, there isn't much Dave Ramsey or anyone else can do as far as advice.  If you are retired, have little income, can't/won't work and little to no assets outside the equity in your house there aren't many options.  I believe that's the selling point for reverse mortgages, you either do that or sell the house and move into a much cheaper house or rent.

Online Dan-o

  • Global Moderator
  • Trade Count: (+30)
  • Explorer
  • *****
  • Join Date: Jul 2010
  • Posts: 18089
Re: Reverse Mortgage - What are your objections?
« Reply #33 on: April 23, 2023, 11:32:19 AM »
Like annuities, reverse mortgages require a little bit of financial savy to work. And like annuities, most of the issues can be explained by the purchaser not understanding the product, and this is probably even more pronounced in reverse mortgages than in annuitized products.

Dave Ramsey is an interesting character, but I would say that his target audience is one that needs or needed financial protection from themselves. The very people who should also not participate in a reverse mortgage

By the time you get to looking into a reverse, there isn't much Dave Ramsey or anyone else can do as far as advice.  If you are retired, have little income, can't/won't work and little to no assets outside the equity in your house there aren't many options.  I believe that's the selling point for reverse mortgages, you either do that or sell the house and move into a much cheaper house or rent.

Great point. 

I'm sure it's a good option for some people to stay in their game longer. 
Member:   Yakstrakgutp (or whatever we are)
I love the BFRO!!!
I wonder how many people will touch their nose to their screen trying to read this...

 


* Advertisement

* Recent Topics

Leupold Display fade by JWBINX
[Today at 08:17:29 PM]


38% increase in fishing and hunting licenses by bigtex
[Today at 08:05:03 PM]


49 degrees north late Moose tag by Buzzsaw461
[Today at 07:52:24 PM]


E scouting for bears by Candcrods
[Today at 07:32:06 PM]


Game trails to nowhere? by NOCK NOCK
[Today at 07:22:02 PM]


Minimum post count needed to view classifieds by Hucci
[Today at 06:43:35 PM]


Pocket Carry by Sakko300wsm
[Today at 05:11:59 PM]


Survey in ? by hdshot
[Today at 03:12:07 PM]


Encouraging on e side by hdshot
[Today at 02:54:51 PM]


506 Willapa Hills Late Season Antlerless Tag by Fast Rider
[Today at 12:48:55 PM]


Lund Fisherman 1800 info/advice by Stein
[Today at 11:46:54 AM]


Knotty duck decoys by goosegunner
[Today at 11:45:58 AM]


Public Land Sale Senate Budget Reconciliation by dwils233
[Today at 11:36:36 AM]


AKC lab puppies! Born 06/10/2025 follow as they grow!!! by scottfrick
[Today at 09:21:15 AM]


Sheep Ewe - Whitestone Sheep Unit 20 by geauxtigers
[Today at 07:42:37 AM]


Any info on public land South Dakota pheasant hunts? by bornhunter
[Today at 07:19:46 AM]


Can’t fish for pinks area 8-2? by blackpowderhunter
[Today at 06:36:49 AM]


2025 Quality Chewuch Tag by Schmalzfam
[Today at 05:36:10 AM]

SimplePortal 2.3.7 © 2008-2025, SimplePortal