This is the general over 50 chat forum. Please introduce yourself here. Let us know what youre thinking about, any resources or help you wold be interested in, and bring up topics of general interest to baby boomers and seniors. http://boombaby.org/over50chat/list/2Sat, 31 Jul 2010 05:02:53 -0500 Phorum 5.2.14 http://boombaby.org/over50chat/2/23/23/_subject_#msg-23 http://boombaby.org/over50chat/2/23/23/_subject_#msg-23
Does anyone wish to express their needs for or not for companionship during their elder years when finding themselves alone...?

Sandra...]]> Sandra Coffee Break Sat, 03 Apr 2010 06:16:27 -0500 http://boombaby.org/over50chat/2/22/22/_subject_#msg-22 http://boombaby.org/over50chat/2/22/22/_subject_#msg-22
No, not for everyone. The idea of not making mortgage payments and staying in your home until you die is great, but, for one thing, a reverse mortgage won't pay for full time care in your home should you need it...

Let's indicate someone is to live another ten years and now pays a mortgage of $300.00 a month, $3,600.00 a year and $36,000.00 for ten years. This person has a home value of $150,000.00 with an equity invested at 50% (75,000.00). Getting a reverse mortgage would be no problem here but dying in ten years would be outright robbery for the financier...

It would seem best to borrow against the equity, put that money in an interest bearing account and then have the mortgage payments, taxes and insurance withdrawn automatically... The estate at death will still have an equity of $39,000.00 ($75,000.00 less $36,000.00) from year one and gain back more each following year. The only difference will be having to pay the interest against the equity loan less the interest earned from the loan being in an interest bearing account...

Now, this is just an example, and does not apply to everyone. It's simply a classic example to provide reason to seek advice from more than one person...

Meanwhile, from all I have read, indications are that no company wants to give a reverse mortgage beyond 40% of a property value unless the equity is much higher...

Is it complicated...? Yes, and lenders are inconsistant. My suggestion is that if anyone is considering a reverse mortgage that they speak to their bank financial officer and also seek further information and financial terms from a financial retirement specialist...

Sandra...]]> Sandra Coffee Break Fri, 02 Apr 2010 21:39:21 -0500 http://boombaby.org/over50chat/2/18/18/_subject_#msg-18 http://boombaby.org/over50chat/2/18/18/_subject_#msg-18Just want to say Hello to the group. Look forward to hearing from you or joining you for chat.]]> denimjeans Coffee Break Sun, 28 Mar 2010 16:38:20 -0500 http://boombaby.org/over50chat/2/13/13/_subject_#msg-13 http://boombaby.org/over50chat/2/13/13/_subject_#msg-13 Chantelle Coffee Break Fri, 02 Apr 2010 21:12:23 -0500 http://boombaby.org/over50chat/2/12/12/_subject_#msg-12 http://boombaby.org/over50chat/2/12/12/_subject_#msg-12
But now I saw a spot on the news about the same subject. What's going on here? Do we need to worry that by the time we get to Medicare age (if not there yet), it will be almost useless. This is scary.]]> David Coffee Break Fri, 02 Apr 2010 20:50:02 -0500 http://boombaby.org/over50chat/2/4/4/_subject_#msg-4 http://boombaby.org/over50chat/2/4/4/_subject_#msg-4
Anyway, I know you've been working very hard. :)-D So, I'll say it again. This time for sure!]]> David Coffee Break Fri, 02 Apr 2010 21:00:17 -0500 http://boombaby.org/over50chat/2/3/3/_subject_#msg-3 http://boombaby.org/over50chat/2/3/3/_subject_#msg-3
Make sure you check the announcements once in awhile. Especially look at the rules. They are simple, but they are important.]]> BoardBoss Coffee Break Wed, 10 Mar 2010 08:03:10 -0600