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NNN0LHI

(67,190 posts)

26. Only money that can be taken out with a reverse mortgage is equity

Wed Aug 8, 2012, 05:29 PM

Aug 2012

Last edited Wed Aug 8, 2012, 07:10 PM - Edit history (1)

And closing costs on a reverse mortgage are about $8000 dollars. So if someone doesn't have a lot more than $8000 worth of equity it doesn't work.

Don

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Reuters: Why you may retire in poverty [View all] woo me with science Aug 2012 OP

LOL what retirement? Marrah_G Aug 2012 #1

A line I omitted, trying to stay to four paragraphs: woo me with science Aug 2012 #5

If there is a job. Lex Aug 2012 #10

yup- pretty sure that will be me Marrah_G Aug 2012 #14

It's the euphemism they use nichomachus Aug 2012 #15

That percentage in 1998 was only that high SheilaT Aug 2012 #2

The headline doesn't sound so bad if you say it in a Jeff Foxworthy voice... Odious justice Aug 2012 #3

Du rec. Nt xchrom Aug 2012 #4

The GOP could never have pulled off privatizing SS leftstreet Aug 2012 #6

It took Nixon to go to China... woo me with science Aug 2012 #8

Contrast with Congressional pensions suffragette Aug 2012 #7

I DO BEGRUDGE CONGRESS THEIR PENSIONS! They are the reason most of us will spend... Raster Aug 2012 #9

Yes, the fairness problem is getting really stark. If they want to continue enough Aug 2012 #11

Unfortunately, Congress will not consider the "big picture." It is PAINFULLY OBVIOUS we cannot... Raster Aug 2012 #12

Well said. It's time to face reality. woo me with science Aug 2012 #17

Yes, very well said tilsammans Aug 2012 #46

+1B I very much begrudge them their lavish pensions magical thyme Aug 2012 #19

"IT WAS ALL A LIE! YOU WILL HAVE TO WORK UNTIL YOU DIE! yellowcanine Aug 2012 #13

Get out of debt and live within your means. cbdo2007 Aug 2012 #16

I'm sorry but that's pretty sanctimonious. Le Taz Hot Aug 2012 #20

yes, on all counts. +1 n/t KarenS Aug 2012 #31

Ok, you're right. Go far into debt and live well beyond your means, and you'll be just fine cbdo2007 Aug 2012 #49

Sometimes people do that, but end up broke anyway due to bad luck or health issues TwilightGardener Aug 2012 #23

I have no debt. RebelOne Aug 2012 #27

Even with your scenario, REAL inflation is eating away at your budget. dixiegrrrrl Aug 2012 #34

That is true. RebelOne Aug 2012 #36

A bitter LOL. 62% of bankruptcies are due to medical bills riderinthestorm Aug 2012 #35

Thank you. nt woo me with science Aug 2012 #38

I dont mind living in poverty maindawg Aug 2012 #18

Social security benefits have gone up. RebelOne Aug 2012 #39

The retirement problem is an extension of the incomes problem. hay rick Aug 2012 #21

Yep, we hear a lot about jobs coming back. woo me with science Aug 2012 #25

For seniors: How does a reverse mortgage work if your mortgage is underwater? tclambert Aug 2012 #22

And even for those who can still use one, woo me with science Aug 2012 #24

My goal was never to pass something on to my children NNN0LHI Aug 2012 #33

You can't plan on not being a burden if it is impossible to woo me with science Aug 2012 #37

Those actors pushing for these so called programs that take advantage Digit Aug 2012 #47

Only money that can be taken out with a reverse mortgage is equity NNN0LHI Aug 2012 #26

How can the head of the National Institute for Retirement Security say this? BeyondGeography Aug 2012 #28

The only part of the post I don't understand is people over 50 owing more than virgogal Aug 2012 #29

It's nice that you made quite abit on your property. KarenS Aug 2012 #30

That's why I used the phrase "a good portion" because I certainly couldn't include everyone. virgogal Aug 2012 #32

I'm over 50. Owned my place for almost 20 years now and the recent appraisal shows a 60% devaluation riderinthestorm Aug 2012 #40

You purchased a home and improved it and you are underwater after almost 20 years of paying on it? NNN0LHI Aug 2012 #42

We have a working farm and have refinanced once to make desperately overdue improvements riderinthestorm Aug 2012 #44

Well, that explains a lot NNN0LHI Aug 2012 #45

What's Also Bad Is That You Cannot Get A Decent Return on Your Savings Yavin4 Aug 2012 #41

Ironically, part of the problem is excess savings. hay rick Aug 2012 #43

Kick woo me with science Aug 2012 #48