“Geraldine”, a sassy lady portrayed by the late Flip Wilson, answered her husband thusly when he demanded an explanation for yet another new dress: “The Devil made me do it! I was walking down the street minding my own business when he snuck up behind me and pushed me into that dress store. He MADE […]
What is “Strategic Default” and Should You Consider It?
Strategic Default, according to Wikipedia, is “the decision by a borrower to stop making payments (i.e. default) on a debt despite having the financial ability to make the payments.” This practice is particularly associated with residential and commercial mortgages in which, because of a substantial drop in the value of the real estate, the property […]
Reverse Mortgages Part Four: Should You Get One?
photo credit: get directly down Part one of this four part series explained the complexities of a reverse mortgage. Parts two and three gave the advantages and disadvantages respectively. And now, in part four, we arrive at the crux of the reverse mortgage issue: is it for you? First, however, let’s review the definition and […]
Reverse Mortgages Part Three: What are the Disadvantages?
Jacqueline Marshal* and her husband Tom* were comfortably retired when Tom died unexpectedly. Because both of them had been drawing a Social Security pension, Jacqueline’s monthly income was reduced by $700 a month (the smaller of the two pensions) upon Tom’s death. Jacqueline considered replacing the bulk of that lost cash flow by taking out […]
Reverse Mortgages Part Two: What Are The Advantages?
photo credit: Maxwell GS When Donald Franklin became a widower he wasn’t prepared for the financial consequences. He and his wife Wilma had become accustomed to both of their pensions and both of their social security incomes. However, his survivor benefits paid him only half of her pension and none of her social security. Donald […]
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