Comments on: Reverse Mortgages Part One: Digging Beneath the Surface http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/ Making You a Winner at Money and Life Thu, 09 Feb 2012 18:37:26 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Mortgage and Rentals – 7 Ways to Reduce Your Housing Costs — Faithful With A Few http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-9729 Mortgage and Rentals – 7 Ways to Reduce Your Housing Costs — Faithful With A Few Sun, 04 Dec 2011 01:39:26 +0000 http://personalfinancebythebook.com/?p=1267#comment-9729 [...] their housing costs. Once you get older and your situation changes, you may be interested in a reverse mortgage!Stop paying PMI – Many homeowners are paying hundreds of dollars each month because they were [...] [...] their housing costs. Once you get older and your situation changes, you may be interested in a reverse mortgage!Stop paying PMI – Many homeowners are paying hundreds of dollars each month because they were [...]

]]> By: Can You Answer These 5 Basic Financial Questions? 90% of Americans Can’t http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-8321 Can You Answer These 5 Basic Financial Questions? 90% of Americans Can’t Sun, 24 Jul 2011 18:27:56 +0000 http://personalfinancebythebook.com/?p=1267#comment-8321 [...] answer these basic questions, then surely, they’re not in a position to decide if a reverse mortgage or buying an annuity is appropriate for them.  These are [...] [...] answer these basic questions, then surely, they’re not in a position to decide if a reverse mortgage or buying an annuity is appropriate for them.  These are [...]

]]> By: To Parity… and Beyond | Invest It Wisely http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-8061 To Parity… and Beyond | Invest It Wisely Fri, 01 Jul 2011 05:22:44 +0000 http://personalfinancebythebook.com/?p=1267#comment-8061 [...] The housing market has also been strong (though we need to guard against encouraging excessive reverse mortgages), and housing prices are quite high compared to what they were only 5 years ago let alone beyond [...] [...] The housing market has also been strong (though we need to guard against encouraging excessive reverse mortgages), and housing prices are quite high compared to what they were only 5 years ago let alone beyond [...]

]]> By: Memory Loss Care Jamaica Plain http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-7068 Memory Loss Care Jamaica Plain Sat, 16 Apr 2011 12:13:56 +0000 http://personalfinancebythebook.com/?p=1267#comment-7068 Very comprehensive and well written blog and you discus on very important point which is really beneficial for senior person.. Very comprehensive and well written blog and you discus on very important point which is really beneficial for senior person..

]]> By: Baby Boomers U. S. (The Blog) » Blog Archive » Baby Boomers Blog Carnival Twenty-ninth Edition http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-5317 Baby Boomers U. S. (The Blog) » Blog Archive » Baby Boomers Blog Carnival Twenty-ninth Edition Sun, 12 Dec 2010 15:34:25 +0000 http://personalfinancebythebook.com/?p=1267#comment-5317 [...] Plemon presents Reverse Mortgages Part One: Digging Beneath the Surface posted at Personal Finance By The Book, saying, “This post, the first of a four part series [...] [...] Plemon presents Reverse Mortgages Part One: Digging Beneath the Surface posted at Personal Finance By The Book, saying, “This post, the first of a four part series [...]

]]> By: joeplemon http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-980 joeplemon Sun, 28 Feb 2010 22:04:48 +0000 http://personalfinancebythebook.com/?p=1267#comment-980 @Bucksome, Thanks for filling in some gaps. Yes, reverse mortgages are expensive and I wonder how many senior citizens really understand just how expensive. Looking back, if he had sold the house before the equity plummeted, he would have been better off, but so would anyone who had considered selling at that time. Like I said before, I hope the RM worked out for him. @Ted, It used to be that homeowners took it for granted that their houses would go up in value. Of course that is not holding true right now, so you are wise to not "bank on equity". Still, you are getting something for your money...a place to live. Hopefully, the market will rebound. But who knows? I have more to write on reverse mortgages, so I don't want to tip my hand just yet about programs that "target senior citizens that is not in their best interest." I appreciate your view point though. @Bucksome,
Thanks for filling in some gaps. Yes, reverse mortgages are expensive and I wonder how many senior citizens really understand just how expensive. Looking back, if he had sold the house before the equity plummeted, he would have been better off, but so would anyone who had considered selling at that time. Like I said before, I hope the RM worked out for him.

@Ted,
It used to be that homeowners took it for granted that their houses would go up in value. Of course that is not holding true right now, so you are wise to not “bank on equity”. Still, you are getting something for your money…a place to live. Hopefully, the market will rebound. But who knows?

I have more to write on reverse mortgages, so I don’t want to tip my hand just yet about programs that “target senior citizens that is not in their best interest.” I appreciate your view point though.

]]> By: Ted http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-979 Ted Sun, 28 Feb 2010 17:52:19 +0000 http://personalfinancebythebook.com/?p=1267#comment-979 I am learning not to bank on equity. We bought our home four years ago, at that time it was increasing in equity at about a 5% per year clip. Now? It is back to the exact amount we sold it for- doh! If I was 80 and needed some cash- i would think about it. But I hate to see any program that targets senior citizens that is not in their best interest for the most part. Desperate times call for desperate measures I guess. .-= Ted´s last blog ..<a href="http://feedproxy.google.com/~r/FatBrokeAndDepressed/~3/bFLCRKtveRk/shame-of-debt.html" rel="nofollow">The shame of debt</a> =-. I am learning not to bank on equity. We bought our home four years ago, at that time it was increasing in equity at about a 5% per year clip. Now? It is back to the exact amount we sold it for- doh! If I was 80 and needed some cash- i would think about it. But I hate to see any program that targets senior citizens that is not in their best interest for the most part. Desperate times call for desperate measures I guess.
.-= Ted´s last blog ..The shame of debt =-.

]]> By: Bucksome Boomer http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-977 Bucksome Boomer Sun, 28 Feb 2010 14:04:07 +0000 http://personalfinancebythebook.com/?p=1267#comment-977 Joe, I think you hit the nail on the head. Even though the home is really too big for him and requires a lot of maintenance he wanted to stay in the home they've lived in for over 45 years. I think he didn't understand how expensive it would be. He also thought the equity in his house would continue to rise and of course it's gone down significantly (we're in California). .-= Bucksome Boomer´s last blog ..<a href="http://www.bucksomeboomer.com/2010/02/is-a-phased-retirement-for-you/" rel="nofollow">Is a Phased Retirement for You?</a> =-. Joe, I think you hit the nail on the head. Even though the home is really too big for him and requires a lot of maintenance he wanted to stay in the home they’ve lived in for over 45 years.

I think he didn’t understand how expensive it would be. He also thought the equity in his house would continue to rise and of course it’s gone down significantly (we’re in California).
.-= Bucksome Boomer´s last blog ..Is a Phased Retirement for You? =-.

]]> By: Saturday Round-Up Olympic Hockey Edition http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-973 Saturday Round-Up Olympic Hockey Edition Sun, 28 Feb 2010 13:05:50 +0000 http://personalfinancebythebook.com/?p=1267#comment-973 [...] Joe Plemon presents Basics of Reverse Mortgages [...] [...] Joe Plemon presents Basics of Reverse Mortgages [...]

]]> By: joeplemon http://personalfinancebythebook.com/reverse-mortgages-part-one-digging-beneath-the-surface/comment-page-1/#comment-969 joeplemon Sat, 27 Feb 2010 21:21:53 +0000 http://personalfinancebythebook.com/?p=1267#comment-969 Bucksome, That is what makes this entire reverse mortgage discussion so exasperating. Sometimes the best financial solution isn't the best for the individuals involved. For example, if living in the family home was extremely important to your father-in-law, then, for him, the reverse mortgage was probably the right decision. I hope it worked out all right for him. I am curious: did he fully understand what he was getting into? Were there any surprises? Bucksome,
That is what makes this entire reverse mortgage discussion so exasperating. Sometimes the best financial solution isn’t the best for the individuals involved. For example, if living in the family home was extremely important to your father-in-law, then, for him, the reverse mortgage was probably the right decision. I hope it worked out all right for him.

I am curious: did he fully understand what he was getting into? Were there any surprises?

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