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Thread: Reverse Mortgages ?

  1. #1

    Default Reverse Mortgages ?

    All,

    Okay...So I'm retired, and do nothing but watch the financial channels...so during the day, they are pitching these "reverse mortgages" (along with Jaguars, catheters, and walk-in bathtubs... Although the Jaguar looks cool, so far, I don't need any of those !!!)

    "Reverse Mortgage"...an interesting concept...having no Kids, it makes sense to add our house to our "retirement planning"...one idea that caught my attention is taking one out, and delay drawing Soc Sec, to pull a higher SS benefit later...My FERS SS supplement goes away when I hit age 62, so maybe this is a good bridge ???

    Some research tells me this is an area fraught with pitfalls...do you REALLY have to get face-to-face counseling before you can apply ???

    Anyway...any of you Old Guys/Gals go this route ? Or others done some research ??? Care to share any of your experiences with those of us thinking about it ???


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson


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  3. #2

    Join Date
    Aug 2008
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    Default Re: Reverse Mortgages ?

    I'm not old but from what I read, it doesn't seem like a very good idea even if you don't have kids.

    Forbes Welcome

    How do I know if a reverse mortgage is a good idea for me? What should I consider before applying? > Consumer Financial Protection Bureau



    Quote Originally Posted by Stoplight View Post
    All,

    Okay...So I'm retired, and do nothing but watch the financial channels...so during the day, they are pitching these "reverse mortgages" (along with Jaguars, catheters, and walk-in bathtubs... Although the Jaguar looks cool, so far, I don't need any of those !!!)

    "Reverse Mortgage"...an interesting concept...having no Kids, it makes sense to add our house to our "retirement planning"...one idea that caught my attention is taking one out, and delay drawing Soc Sec, to pull a higher SS benefit later...My FERS SS supplement goes away when I hit age 62, so maybe this is a good bridge ???

    Some research tells me this is an area fraught with pitfalls...do you REALLY have to get face-to-face counseling before you can apply ???

    Anyway...any of you Old Guys/Gals go this route ? Or others done some research ??? Care to share any of your experiences with those of us thinking about it ???


    Stoplight...

  4.  
  5. #3

    Join Date
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    Default Re: Reverse Mortgages ?

    Only think about this as a LAST RESORT!



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  7. #4

    Default Re: Reverse Mortgages ?

    One thing I heard about them that scared me away was the requirement that you have to be currently living in your home or they can sell it out from under you. So if I require an extended stay in the hospital or care facility I'm not technically living at home and they can sell it. No thanks. If it comes to that I'd rather sell it myself if I need the cash and rent.
    Allocations as of COB Dec 28 : 100% S. | Retirement Date:Dec 2025
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  9. #5

    Default Re: Reverse Mortgages ?

    Avoid them like a fatal heart attack and or stroke.
    "Our Constitution was made only for a Moral and Religious people. It is wholly inadequate to the goverment of any other." John Adams 10/11/1798

  10.  
  11. #6

    Default Re: Reverse Mortgages ?

    Quote Originally Posted by jpcavin View Post
    I'm not old but from what I read, it doesn't seem like a very good idea even if you don't have kids.

    Forbes Welcome

    How do I know if a reverse mortgage is a good idea for me? What should I consider before applying? > Consumer Financial Protection Bureau

    Thanks for the links, JP ! Interesting read....I KNEW there were pitfalls


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  13. #7

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    Default Re: Reverse Mortgages ?

    If you want to take some equity out, how about a Home Equity Loan?
    Weatherweenie's Account Talk
    Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.

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  15. #8

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    Default Re: Reverse Mortgages ?

    Quote Originally Posted by weatherweenie View Post
    If you want to take some equity out, how about a Home Equity Loan?

    I did that and paid off my house with the money in 2002, back then I had an 8% 30 year Mortgage the HEL was 4% for 5 years. House was paid in full in 12 years, saved a bushel of money on that one.



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