Reverse Mortgages ?

Sort by newest Sort by date
Stoplight

Stoplight

TSP Pro
Reaction score
16
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 !!!) :D

"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 ??? :eek:

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...
 
I'm not old :D 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



Stoplight said:
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 !!!) :D

"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 ??? :eek:

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...
Click to expand...
 
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.
 
weatherweenie said:
If you want to take some equity out, how about a Home Equity Loan?
Click to expand...


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.:D
 
You must log in or register to reply here.
Back
Top