|
|
Joined: Jan 2002
Posts: 12,881 Likes: 5
Campfire Outfitter
|
Campfire Outfitter
Joined: Jan 2002
Posts: 12,881 Likes: 5 |
I’d consider selling the house with a life estate provision. I’d not consider a reverse mortgage.
Sic Semper Tyrannis
|
|
|
|
|
Joined: Feb 2007
Posts: 11,800 Likes: 1
Campfire Outfitter
|
Campfire Outfitter
Joined: Feb 2007
Posts: 11,800 Likes: 1 |
One thing to consider.....is that children are not entitled to shìt. True, but I cannot think of anyone I would rather help out than my 3 children and our 5 grandchildren. As long as they are living responsibly. We aren't wealthy but are completely debt free and have enough income for our lifestyle which doesn't include island resorts, jewelry, or casinos. We do travel, mostly to the western U.S. I concur with Hastings. Mine are hard working, responsible and conservative. My wife died. When I die, my kids will do quite well financially. And they know what’s coming their way. Sorry if some of you have a poor relationship with your kids. That situation in some cases might be salvageable, if you try.
NRA Patron
|
|
|
|
|
Joined: Jun 2008
Posts: 18,522 Likes: 4
Campfire Ranger
|
|
Campfire Ranger
Joined: Jun 2008
Posts: 18,522 Likes: 4 |
I agree with Hastings (kill me now) and dale06. My kids (who are all adults) are my motivation for pretty much everything I do nowadays. When I check out, I want to be able to leave them with as much (assets) as I possibly can.
Every day on this side of the ground is a win.
|
|
|
|
|
Joined: Nov 2015
Posts: 15,090 Likes: 15
Campfire Ranger
|
|
Campfire Ranger
Joined: Nov 2015
Posts: 15,090 Likes: 15 |
Never understood them sounds like a bad deal
|
|
|
|
|
Joined: May 2016
Posts: 60,685 Likes: 40
Campfire Kahuna
|
Campfire Kahuna
Joined: May 2016
Posts: 60,685 Likes: 40 |
Yeah...kids still aren't entitled to anything.
So if you want to live a modest lifestyle so your kids can spend it all lavishly....go ahead.
I am sure they will remember you fondly when the auction comes and they finish hauling all your shìt to the dumps.
I am MAGA.
|
|
|
|
|
Joined: Jul 2013
Posts: 1,072 Likes: 3
Campfire Regular
|
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,072 Likes: 3 |
To be completely honest, in reading through this thread it sounds like you have a bit of a chip on your shoulder about the whole thing and are seeking opinions that will reinforce what you already have decided to do. If you know that’s what you want to do, then I would say forge ahead and do it regardless of the opinion of others. You only live once.l and it sounds like you have your mind made up.
Based on your posts and responses to others it sounds like your say that you already have lots of money, own a ton of stuff that is all nice, new, and paid off, and you don’t ‘need’ to do this. You just *want* to do this as a way of finding activities that you may not otherwise be able to fund. As long as you read close and understand the full implications, I guess it’s for you. k1500 believe me no chip on my shoulder here.....I wouldn't say lots of money, but I made sure before I retired that everything was up to date and paid off . and yes it would be to fund more activates while we can still enjoy them...without digging into the money we have saved to live......if I don't do it we don't go on as many trips and die leaving it....if we do it then we don't leave as much...bob
|
|
|
|
|
Joined: Jul 2013
Posts: 1,072 Likes: 3
Campfire Regular
|
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,072 Likes: 3 |
One thing to consider.....is that children are not entitled to shìt. True, but I cannot think of anyone I would rather help out than my 3 children and our 5 grandchildren. As long as they are living responsibly. We aren't wealthy but are completely debt free and have enough income for our lifestyle which doesn't include island resorts, jewelry, or casinos. We do travel, mostly to the western U.S. I concur with Hastings. Mine are hard working, responsible and conservative. My wife died. When I die, my kids will do quite well financially. And they know what’s coming their way. Sorry if some of you have a poor relationship with your kids. That situation in some cases might be salvageable, if you try. that is a low blow and talking out your ass at the same time.....and the world is full of kids waiting for mom and pops to die so they can get their fair share......bob
|
|
|
|
|
Joined: Jul 2013
Posts: 1,072 Likes: 3
Campfire Regular
|
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,072 Likes: 3 |
I agree with Hastings (kill me now) and dale06. My kids (who are all adults) are my motivation for pretty much everything I do nowadays. When I check out, I want to be able to leave them with as much (assets) as I possibly can. and I think that is great......keep in mind some kids want their parents to live a full life and do want they want.....bob
|
|
|
|
|
Joined: Apr 2010
Posts: 10,844
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Apr 2010
Posts: 10,844 |
If our good friends Magnum PI is endorsing it then it has to be good
Maker of the Frankenstud Sling Keeper
|
|
|
|
|
Joined: Jun 2012
Posts: 966
Campfire Regular
|
|
Campfire Regular
Joined: Jun 2012
Posts: 966 |
Anything heavily advertised is bad.
|
|
|
|
|
Joined: Feb 2007
Posts: 7,951 Likes: 5
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Feb 2007
Posts: 7,951 Likes: 5 |
I had an uncle who did one years ago before I'd even heard of them. His wife had died a few years earlier and there were no kids. It worked out pretty well for him. He took the money and when he died his family told the bank to come and get the house which was worth about 1/2 what they loaned him. Every situation is different.
Most people don't really want the truth.
They just want constant reassurance that what they believe is the truth.
|
|
|
|
|
Joined: Jun 2002
Posts: 131,867 Likes: 41
Campfire Sage
|
|
Campfire Sage
Joined: Jun 2002
Posts: 131,867 Likes: 41 |
I’d consider selling the house with a life estate provision. I’d not consider a reverse mortgage. Interesting. Is there a market for houses with life estate provisions?
|
|
|
|
|
Joined: Nov 2002
Posts: 33,770 Likes: 7
Campfire 'Bwana
|
|
Campfire 'Bwana
Joined: Nov 2002
Posts: 33,770 Likes: 7 |
One thing to consider.....is that children are not entitled to shìt. Perhaps but this isn’t a one size fits all answer. Some people like me will choose to leave my kids something upon death, but it’s not their God given right, it’s what we want to do as a couple. Seems like you have a chip on your shoulder. You do what you want. If that entails giving your kids everything and them throwing your broke ass in the shìttiest nursing home they can find...so be it. If one is such a dumazz to not have a very clear trust in place this can be true I suppose. Most don't.
Conduct is the best proof of character.
|
|
|
|
|
Joined: Jan 2016
Posts: 1,239
Campfire Regular
|
|
Campfire Regular
Joined: Jan 2016
Posts: 1,239 |
Probably better to get a HELOC than a RM but I haven't looked at it in depth.
|
|
|
|
|
Joined: Jan 2016
Posts: 1,239
Campfire Regular
|
|
Campfire Regular
Joined: Jan 2016
Posts: 1,239 |
Like I told my stepfather a few years before he died, spend everything you want to and don't worry about the kids. I wish he would have followed my advice because I ended up as executor and had to be in the middle of a war with my siblings.
Last edited by EIB0879; 02/02/24.
|
|
|
|
|
Joined: Jun 2002
Posts: 131,867 Likes: 41
Campfire Sage
|
|
Campfire Sage
Joined: Jun 2002
Posts: 131,867 Likes: 41 |
Like I told my stepfather a few years before he died, spend everything you want to and don't worry about the kids. I wish he would have followed my advice because I ended up as executor and had to be in the middle of a war with my siblings. Wasn't the will clear on who gets what?
|
|
|
|
|
Joined: Dec 2013
Posts: 13,150 Likes: 9
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Dec 2013
Posts: 13,150 Likes: 9 |
One thing to consider.....is that children are not entitled to shìt. True, but I cannot think of anyone I would rather help out than my 3 children and our 5 grandchildren. As long as they are living responsibly. We aren't wealthy but are completely debt free and have enough income for our lifestyle which doesn't include island resorts, jewelry, or casinos. We do travel, mostly to the western U.S. I agree with Hastings (kill me now) and dale06. My kids (who are all adults) are my motivation for pretty much everything I do nowadays. When I check out, I want to be able to leave them with as much (assets) as I possibly can. and I think that is great......keep in mind some kids want their parents to live a full life and do want they want.....bob We do exactly all we want except we don't have servants. Our interests are traveling, our friends, our cows and timber however humble, and most of all the kids and grand kids. I wouldn't pay a nickel to shoot an elephant but if that floats your boat, go ahead. If I thought Africa was safe for a white woman my wife and I would go for a photo safari, but I have an elderly widow cousin that lives in South Africa and she tells me Zimbabwe would be safer.
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
|
|
|
|
|
Joined: Dec 2021
Posts: 3,567 Likes: 6
Campfire Tracker
|
|
Campfire Tracker
Joined: Dec 2021
Posts: 3,567 Likes: 6 |
Yeah, just out if curiosity, I dug into a RM on our place.
It's a sweet deal.......for the buyer!!
Honestly, I just checked one company
They purchase the home at "wholesale" prices. They are buying with the intention of selling.
You basically sign a contract that gives the buyer unlimited access, even if you DO live in it.
If the home is not maintained to their satisfaction, they can call in crews to restore the home up to their standard.....and charge you, i.e. reduced monthly payments.
You are expected to maintain home owners insurance and any applicable home/property taxes.
When YOU buy a home, the lender "expects" you to pay taxes, insurance, maintenance and payments.
When a RM business buys your home, you get their payment, but your still on the hook for home "costs"!
I would NOT do a reverse mortgage. If you haven't built a retirement fund, you'll probably just blow through whatever you get paid.
|
|
|
|
|
Joined: Dec 2021
Posts: 3,567 Likes: 6
Campfire Tracker
|
|
Campfire Tracker
Joined: Dec 2021
Posts: 3,567 Likes: 6 |
Well, Tom Selleck says they are a good idea.  I kinda like that tom guy..lol...bob Selleck is getting paid. I like him, but not as a RM spokesperson.
|
|
|
|
|
Joined: Jul 2013
Posts: 1,072 Likes: 3
Campfire Regular
|
|
OP
Campfire Regular
Joined: Jul 2013
Posts: 1,072 Likes: 3 |
hastings...go...my first trip was to zambia, I have never meet nicer people anywhere. and I mean anywhere......going to zimbabwe on the next one and my wife is coming with me....bob
|
|
|
|
|
516 members (1lessdog, 1badf350, 1beaver_shooter, 222Sako, 219 Wasp, 160user, 67 invisible),
2,219
guests, and
1,167
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
Forums81
Topics1,193,397
Posts18,506,922
Members74,000
| |
Most Online11,491
Jul 7th, 2023
|
|
|
|
