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Joined: Jul 2013
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Campfire Regular
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OP
Campfire Regular
Joined: Jul 2013
Posts: 1,046 |
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. happens all the time......a lot of people live their life for the kids...and that's great....bob
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Joined: Jul 2013
Posts: 1,046
Campfire Regular
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Campfire Regular
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Anything heavily advertised is bad. don't buy a car or anything then.....and certainly don't vote...bob
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Joined: Jul 2013
Posts: 1,046
Campfire Regular
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Campfire Regular
Joined: Jul 2013
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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? what is a life estate provision?...bob
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Joined: Sep 2011
Posts: 715
Campfire Regular
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Campfire Regular
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My mother took out a reverse mortgage around 2002-2003 (house was paid off) and passed in 2017. If I remember correctly, she got around $425 a month for those 14 years. When she passed, she had received approx. $71K and the total owed was around $135K. Her house was sold for around $185K so my brother, sister and I split the remainder. Reverse mortgages are a useful tool that comes with high costs and interest. A realtor friend of mine who helped sell my mom's house said there are other options out there. You may want to talk to a financial advisor to see what else is available. Good luck.
Last edited by ATC; 02/02/24. Reason: additional info
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Joined: Jun 2002
Posts: 131,627
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,627 |
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? what is a life estate provision?...bob It means you don't own your home, but do own the right to live in it for the remainder of your life, after which the remainderman gets control of it.
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Joined: Jan 2016
Posts: 1,238
Campfire Regular
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Campfire Regular
Joined: Jan 2016
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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? No. He didn't want to deal with confrontation. That's why he handed it off to me because I was the youngest, a CPA, and didn't take [bleep] from anyone, especially siblings and their spouses. It got ugly for a while but we all get along now.
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Joined: Feb 2006
Posts: 1,651
Campfire Regular
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Campfire Regular
Joined: Feb 2006
Posts: 1,651 |
Including medicare Part C. Most heavily advert drugs are Last Ditch stuff. :-) Anything heavily advertised is bad.
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Joined: Jul 2013
Posts: 1,046
Campfire Regular
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OP
Campfire Regular
Joined: Jul 2013
Posts: 1,046 |
My mother took out a reverse mortgage around 2002-2003 (house was paid off) and passed in 2017. If I remember correctly, she got around $425 a month for those 14 years. When she passed, she had received approx. $71K and the total owed was around $135K. Her house was sold for around $185K so my brother, sister and I split the remainder. Reverse mortgages are a useful tool that comes with high costs and interest. A realtor friend of mine who helped sell my mom's house said there are other options out there. You may want to talk to a financial advisor to see what else is available. Good luck. that doesn't sound like the great rip off some make it out to be......bob
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Joined: Dec 2013
Posts: 13,060
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2013
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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? what is a life estate provision?...bob It means you don't own your home, but do own the right to live in it for the remainder of your life, after which the remainderman gets control of it. That sounds like you sell the house but a condition of the sale is that you have a lifetime lease to live there at no extra charge. But the devil would be in the ''fine print''. Read carefully. There will be conditions under which the lease would cancel.
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
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Joined: Jul 2013
Posts: 1,046
Campfire Regular
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OP
Campfire Regular
Joined: Jul 2013
Posts: 1,046 |
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? what is a life estate provision?...bob It means you don't own your home, but do own the right to live in it for the remainder of your life, after which the remainderman gets control of it. That sounds like you sell the house but a condition of the sale is that you have a lifetime lease to live there at no extra charge. But the devil would be in the ''fine print''. Read carefully. There will be conditions under which the lease would cancel. who would buy a house under those conditions?...and you still have to pay taxes, ins etc from what I read...bob
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Joined: Jan 2002
Posts: 12,839
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,839 |
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? what is a life estate provision?...bob It means you don't own your home, but do own the right to live in it for the remainder of your life, after which the remainderman gets control of it. That sounds like you sell the house but a condition of the sale is that you have a lifetime lease to live there at no extra charge. But the devil would be in the ''fine print''. Read carefully. There will be conditions under which the lease would cancel. who would buy a house under those conditions?...and you still have to pay taxes, ins etc from what I read...bob It’s a very old mechanism to pass property on to a buyer - most often an heir. It takes the asset out of your name, which may have consequences for tax purposes as well as qualification for certain government programs (I.e. nursing home care). A common scenario is that pops kicks the bucket, and mom’s only asset is the house on the farm. A kid buys the farm and works it, and mom gets to live in the house for as long as she wants with enough funds to retain some independence and dignity. From the buyer’s perspective, if the property is something a relative, neighbor, business associate, etc wants (I.e. is waiting for it to come on the market), then they can lock it up by buying it with a life estate provision. As far as maintenance, taxes, etc, that is to be spelled out in the contract, but the seller / tenant no longer owns the property.
Sic Semper Tyrannis
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Joined: Dec 2019
Posts: 3,013
Campfire Tracker
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Campfire Tracker
Joined: Dec 2019
Posts: 3,013 |
Anything heavily advertised is bad. Jet’s pizza is pretty good. Life is short… 🫤
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Joined: Nov 2023
Posts: 35
Campfire Greenhorn
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Campfire Greenhorn
Joined: Nov 2023
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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. Says the guy who frequently uses his kids to pander for free stuff.
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Joined: Jan 2008
Posts: 15,748
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,748 |
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? what is a life estate provision?...bob It means you don't own your home, but do own the right to live in it for the remainder of your life, after which the remainderman gets control of it. That sounds like you sell the house but a condition of the sale is that you have a lifetime lease to live there at no extra charge. But the devil would be in the ''fine print''. Read carefully. There will be conditions under which the lease would cancel. who would buy a house under those conditions?...and you still have to pay taxes, ins etc from what I read...bob Investors, REIT, etc
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Joined: Jan 2008
Posts: 15,748
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,748 |
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. Says the guy who frequently uses his kids to pander for free stuff. [bleep] off. Jim's good people.
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Joined: Nov 2023
Posts: 35
Campfire Greenhorn
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Campfire Greenhorn
Joined: Nov 2023
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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. Says the guy who frequently uses his kids to pander for free stuff. [bleep] off. Jim's good people. What did you send? Scopes or ammo?
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Joined: Feb 2010
Posts: 16,076
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,076 |
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? what is a life estate provision?...bob It means you don't own your home, but do own the right to live in it for the remainder of your life, after which the remainderman gets control of it. That sounds like you sell the house but a condition of the sale is that you have a lifetime lease to live there at no extra charge. But the devil would be in the ''fine print''. Read carefully. There will be conditions under which the lease would cancel. who would buy a house under those conditions?...and you still have to pay taxes, ins etc from what I read...bob I know a guy who bought a farm like this. It finally worked out well for him, but I believe the old lady lived to be 114.
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Joined: Feb 2013
Posts: 21,771
Campfire Ranger
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Campfire Ranger
Joined: Feb 2013
Posts: 21,771 |
As always... the details of any asset liquidation matter.
"The individual" and/or individual wealth (the ability to hold assets) if diminishing daily.
As time progresses... "the many" will relinquish their assets (by choice or force) to "the few"...
The shackles americans place upon their own wrists daily... leaves me dumbfounded.
*anyone notice how "the few" happens to rhyme with "the jew"?
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Joined: Feb 2013
Posts: 21,771
Campfire Ranger
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Campfire Ranger
Joined: Feb 2013
Posts: 21,771 |
"I'll Gladly Pay You Tuesday For A Hamburger Today"
J. Wellington Wimpy
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Joined: Nov 2002
Posts: 33,699
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,699 |
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 would have thought you are raising your kids differently.
Conduct is the best proof of character.
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