Home Forums Hunting & Shooting Hunter's Campfire reverse mortgage good and bad

Life estates.

Not a bad idea, really. But a real PITA to get rid of once the "lifer" expires.
Ask me!

One of the biggest inheritances you can give to your children is to not have a financial mess they need to sort out when you pass. Have your funeral plans made, finances in order, and let your passing be a positive experience not one filled with stress and dread.

And, don’t have a lot of crap. If your kids need to take a month to clean up and sort through your junk, you suck. And I see it all the time. Be down to the good stuff they can quickly divide up or sell.

An inheritance is as old as the world. A token 25k set aside for each child would be welcome.

[quote=Calvi One of the biggest inheritances you can give to your children is to not have a financial mess they need to sort out when you pass. Have your funeral plans made, finances in order, and let your passing be a positive experience not one filled with stress and dread.

And, don’t have a lot of crap. If your kids need to take a month to clean up and sort through your junk, you suck. And I see it all the time. Be down to the good stuff they can quickly divide up or sell.

An inheritance is as old as the world. A token 25k set aside for each child would be welcome.[/quote]
Well said when my wife's parents both passed away all I will say it was a disaster for my wife and her sisters depressing for them.

Selleck might be a cool guy but in the end he's an actor with 100x more in the bank than the average person. He'll never need an RM and has likely never looked into what he's selling. Someone writes the scripts and he plays the part and banks the money.

rock chuck.....did you not notice my lol....lol...bob

...anytime I see a no-longer-working actor selling something, it raises suspicion.
I guess they have to do something since "The Love Boat" isn't on anymore...

On a more serious note, a neighbor has one, and I'd like to figure out how to purchase it

Calvin this is why we are going through another down sizing this year.....the old saying...you don't own your stuff, it owns you.

I am looking forward to it....in the end they will sell everything and split it....bob

I’m asking?

I'm not a financial expert but after working part of my life to get everything paid for I have no desire to go back into debt. I think America is bleeding enough from too many unpaid bills.

an rm pays you...not the other way around.....bob

Yep, this part stopped a friend of mine from doing it, they can walk in any time and make YOU pay for any maintenance or even upgrade THEY deem necessary.

It’s not your house anymore.

I know. Someone has to pay it back after I'm gone though, I assume that's how they're set up. Somewhat like selling a life insurance policy?

Is your wife on board?

If you decide later you screwed up, can you write a check and get out of it?

How big a check?

If you are satisfied with the answers to these questions and the terms of the deal, go for it!

yes it would get sold just like the trucks, boats and split whatever cash is left.....bob

on board. Yes.... screwed up....only way in my mind is if we decided we wanted to leave the house free and clear...then it would get sold and split....its going to get sold by the kids no matter what. it comes down to if they get more or less.

this is our last move....pretty much stay until dead...every house I have owned has gone up in value....there will be something left....and if there isn't. Oh well we will be dead....they can split the rest....bob

I gotta say....this sounds pretty entitled.

I have always maintained my placed. That is not an issue . as far as upgrades being forced on you I haven't seen that, BUT doesn't mean its not true, depending on the contract.

a good lawyer and as much info as possible has to be part of the equation.....bob

Sounds like you have your ducks in a row. Have fun!

thank you Greg....I am definitely on the fence about this. I do like the feedback....bob

My wife’s folks took out an RM a couple years back. They were deep into their 70’s with health issues and had zero savings and zero retirement plans made. They had been living on SS and whatever they could pull in driving Uber and Lyft for several years leading up to that.

They still owed about 35k on their 400k home and that was absorbed into the RM. We offered to pay the stupid mortgage off and just let them live there until they couldn’t anymore, but they said they needed the income the RM would provide. So that’s what they did.

In their situation of absolutely no planning for retirement and dwindling opportunities for income, the RM was probably about as good an option as they could come up with.

They will leave their kids pretty much nothing but memories and a great example of what not to do financially. They, the parents, feel bad about that but the kids all have (are) doing pretty well for themselves and don’t need anything.