Hi folks! I am Fred Thompson..

[uscitizen]

And like you I have wondered about reverse mortgages...



LMAO! just LMAO.

You can make this up!

 

[Baruch Menachem]

Say it isn't so.....

It is like seeing your Biology teacher passing out Chick Tracts at the local park

 

[strollingbones]

i dont get the reverse thing...dont you basically just sell your house?

 

[uscitizen]

i dont get the reverse thing...dont you basically just sell your house?

Basically and you get payouts from the equity. when you die the equity "loan" is settled up and unless someone can pay off the "loan" the house is the loaners.

 

[strollingbones]

so you are betting against yourself?

 

[uscitizen]

Not really, you are making sure the kids inherit nothing.
You are basically taking out an equity loan with the house as collateral.

I am not sure what happens if you die soon or can you run out of the payments if you live too long?
Seems kinda wrong to me somehow.

A strange way to bypass any inheritance taxes.

 

[JoeB131]

i dont get the reverse thing...dont you basically just sell your house?

Basically and you get payouts from the equity. when you die the equity "loan" is settled up and unless someone can pay off the "loan" the house is the loaners.

Which might be a good deal for some people. Like someone who has no heirs. Or someoen whose children have their own homes, but aren't supporting their parents or even visiting very often.

Maybe a sign of our times that the extended family is vanishing and the nuclear family is nuclear.

 

[uscitizen]

i dont get the reverse thing...dont you basically just sell your house?

Basically and you get payouts from the equity. when you die the equity "loan" is settled up and unless someone can pay off the "loan" the house is the loaners.

Which might be a good deal for some people. Like someone who has no heirs. Or someoen whose children have their own homes, but aren't supporting their parents or even visiting very often.

Maybe a sign of our times that the extended family is vanishing and the nuclear family is nuclear.

Ahh yes the decline in family values and it is all the liberals fault!

 

[Mr. H.]

What's funny about Fred?

 

[Late2TheParty]

Dread the Fred!!!

 

[Late2TheParty]

i dont get the reverse thing...dont you basically just sell your house?

I can't speak for how it works in America America, but in Europe, I know that old people who buy into this kind of thing get a monthly payment for as long as they live and the house is given to the bank/other party when they die. It's kind of a gamble on both parties as to your life expectancy... but a good deal for someone who doesn't want to leave anything behind and has a limited income.

OTOH, I know a guy who was 30, had excess $$$, so he started paying this old woman of 70 this type of deal for her house, and she was still alive at 105 and he died of Heart Attack at 65! (His payments lapsing meant she or her kids got to keep the house).

 

[Jeremy]

 

[Luddly Neddite]

Fred Thompson - just another old Repub whore.

The problem with this scheme is that the home owner isn't given all the info. What it finally comes down to is a large, monied corporation, in effect, steals the equity from elderly who don't really understand what they're signing away.

If you doubt this, call the 800-number and request the CD.

Its a nasty scam aimed at getting the elderly to sign away they're homes.