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

did you read the context of why I started this post?...this isn't about a last resort...its about a way of tapping into an asset .....if you know of a better way of doing it I am all ears....bob

No, Medicaid wouldn’t likely pick up the cost of a place that you would choose, trust me it won’t. But you’d get into some care facility, but it wouldn’t be your first choice.

The facts are that an RM is an expensive bet to make given fees, costs and your inability to predict your death. I would bet on increased financial flexibility down the road with less variability.

I concur. Wholeheartedly. I have a beneficiary deed on my house, which I own outright, and it will automatically transfer to my adult children on my death. And they receive the house on a stepped-up basis ~ no capital gains taxes at all. None. And the probate court has no say-so at all. None. I’ve taken it completely out of the hands of the probate court. Phuuk the probate court. I have beneficiary deeds on all of my vehicles, which I own outright, and they will automatically transfer to my adult children on my death. And the probate court has no say-so at all. None. I’ve taken it completely out of the hands of the probate court. Phuuk the probate court. And I have ‘transfer on death’ set up for ALL of my financial assets ~ bank accounts and retirement accounts. And the probate court has no say-so at all. None. I’ve taken it completely out of the hands of the probate court. Phuuk the probate court. And my kids don’t have to pay taxes on ANY of it.

NONE of the things above are part of my ‘probate estate.’ The only thing in my probate estate is the schit that’s inside of my house (clothes, shoes, furniture, etc.). And that’s the ‘only’ schit that I mentioned in my will. Stuff that’s not part of your probate estate doesn’t need to be mentioned in your will, since the phuukin’ probate court has NO say-so about ANY of it; they don’t need to know about it.

And I did all of this myself. I did the research and set all of it up myself. No need for me to pay money to a ‘financial planner’ or an ‘estate attorney.’ Death shouldn’t be such a complicated mess in our country like it is, but the thievin’ bastards have things in place so they can continue to fleece a person’s estate even after they’re dead.

But there are ways to keep if from the organized criminals that our local, state, and federal governments are comprised of.

In all seriousness... I want to be helpful here in discussion. I am not a practicing attorney in any state, nor am I a practicing CFA.

What is the purpose or need for the asset funds to be liquidated? Monthly expenses or "fun money?"

If needed for monthly expenses, then downsizing might be a better option. Sell the dwelling, simplify to lower expense housing.
Taxes can be the biggest driver of cost to keep a paid for dwelling.

are you planning on going into a nursing home or on hospice? my dad was bedridden for 15 years, I saw the decline, saw what it did to everybody around him, saw him deteriorate to where he could only communicate by typing on the computer.

the day I saw him before he died he was trying to "talk" to me, but it came out aaaaaaaaaa that's it. now the reason for this sad tale is...I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms.

my wife will have other options than that.....and let me tell you all he ever talked about was what he wished he would have done....bob

Exactly!

I will not go into a nursing home...I will not go through hospice, everyone is well aware I am going out on my terms.

I hope not but one never knows or can predict what kind of care you might need. Sorry, but that’s reality.

After following all of the responses and your feedback I am of the opinion that you want to spend more money than you can without doing an RM. I’m pretty sure you know the risks and associated costs, so I guess you should go for it. Like others and myself have clearly stated, it’s a risky and expensive bet you are willing to make, just make sure you fully understand all the fine print. It’s not the path many would take but you seem to be trying to talk yourself into it.

This business will get out of control. It will get out of control and we'll all be lucky to live through it.

Hahaha!


I give it a single ping. One ping only.

Unfortunately there is no clearcut way to insure that happens. We are all simply one bad stroke away from serious disability.
Spouses are not always able to perform at home care. States do not always offer the best at home coverages. Waiting lists. Small reimbursements.
Sometimes the care facility is the only way. And that, my friend, will tap assets in a hurry.

Unfortunately there is no clearcut way to insure that happens. We are all simply one bad stroke away from serious disability.
Spouses are not always able to perform at home care. States do not always offer the best at home coverages. Waiting lists. Small reimbursements.
Sometimes the care facility is the only way. And that, my friend, will tap assets in a hurry.

Thank you Mr. Vasilli.

fun money...bob

I forgot to say the same, anyone who says “they aren’t going into a facility” is being incredibly naive!!! Many never have a choice and I can give about 50 diffeent examples where you have no choice.

And if this happens you’ll be damn happy you have a paid for house that isn’t leveraged.

I forgot to say the same, anyone who says “they aren’t going into a facility” is being incredibly naive!!! Many never have a choice and I can give about 50 diffeent examples where you have no choice.

And if this happens you’ll be damn happy you have a paid for house that isn’t leveraged.

There are legal steps around that, Jim.

anybody that plans on going into a facility ......you do see how they get treated in those places ,don't you? have at it.....bob

anybody that plans on going into a facility ......you do see how they get treated in those places ,don't you? have at it.....bob