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View Diary: Reverse mortgages: The final blow killing middle class wealth (276 comments)

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  •  I've been the trustee of estates that have (16+ / 0-)

    included and not included reverse mortgages and at the end of the day the same thing happens to the money. It's spent.  Either by the heirs or the home owners and yes they are as much a home owner as anyone that has a mortgage.  I've seen seniors have a much better retirement than otherwise. I've seen some dirtbag heirs piss away the money.  Is it right for everyone?  Of course not.  For some people it's a miracle.

    Based on my real life experiences you don't know shit.  But you might have different real life experiences.

    Never argue with an idiot. They will drag you down to their level and beat you with experience.

    by thestructureguy on Sun Aug 18, 2013 at 07:21:17 PM PDT

    •  Problem for the old folks is they're stuck. (1+ / 0-)
      Recommended by:
      libnewsie

      Can't really sell the house and downsize or move to long-term care, because then they'd lose everything.

      I suppose they can just take the loss and hope medicaid will take care of them.

    •  sounds to me that someone fell down in the (0+ / 0-)

      estate planning.  The situation you describe would require a spendthrift or bypass trust.

    •  I seriously considered HR' ing (6+ / 0-)

      your comment for the next to last sentence, but I figure there are others reading this thread and your opinion should remain exposed.  The diarist explained RM's well and deserves a little respect for that.  Furthermore, you miss the point....reverse mortgages are predatory lending and should not be supported by those concerned with the welfare of others.  As progressives, buying into the argument that "some people are helped" can easily be translated into "our elderly are screwed but they are less screwed this way"; the marital equivalent of " he drinks and cheats but he doesn't beat me".  

      My husband took early retirement from a company he worked for for 24 yrs, and his take home, including 401k and severance pay was equal to a yr and a half salary.  We can't do a reverse mtg because we are underwater, but if we could, we wouldn't.  I'll live in my car before giving in to these bastards.  Someone has to take a stand.  

      They are determined to strip us of everything we have.  I'm a Kamakaze.....they'll get nothing, and I'll die regardless.

      Please save a child's life. www.signon.org/sign/sarasota-sheriffs-office

      by kmfmstar on Sun Aug 18, 2013 at 08:02:52 PM PDT

      [ Parent ]

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