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

This is correct. A stroke can change everything. Shucks, just bust a hip and you may need temporary placement. Life is messy sometimes. We love to hang onto the illusion of control. It doesn’t always play out like we plan.

FWIW, in our area, nursing home patients get pretty much the same care regardless of their insurance. An exception is that some extra $ can mean a private room. VERY wealthy people,of course, have many other options. That’s always been the case.

IMO, the best way to ensure good care in a nursing facility is to have involved family visit frequently and keep track of things.

All the more reason to get things set up right asap, using a reputable elder care attorney who will advise you of the process and options available.
Each case is different with different needs and goals.

I live in Colorado. So I did all of the research that pertained specifically to myself and my adult children according to Colorado law. All of the information that you need is available online, and pretty much any question that you have about any of it, can also be answered online. Another thing I learned about during the course of all of this is federal MedicAid Estate Recovery Laws. I had no idea about this prior to my research. Anyway, you can even find templates for beneficiary deeds and wills online, and then customize them for your specific needs and wants, and once you get them notarized, they’re just as valid as if they were done by an attorney. It’s really not difficult at all. All of the information that you need is easily accessible. You’ve just gotta invest the time and effort that’s required.

It’s worth it.

Good job Antlers!!!!!

"Ounce of prevention, pound of cure!"

Are these RM offered at local banks or are they only offered through certain places? I tend to trust my local bank more than a stranger, maybe a fault on my part.

I think it means save the last round in your 30-30.

How do you guys feels about student loan forgiveness?


Much different from making taxpayers pay for your nursing home stay through some fancy accounting work?

The Rm might be what Bob wants to do ok! The transfer on death varies from state to state. I also have, all real estate set and recorded at the courthouse, to transfer title on death. No probate keep the state out of affairs if possible!

I have a nice place in the country with a shop that I plan to use even more once I'm retired. As such, I don't care to downsize in retirement, or at least not until I'm not able to mess around with things in my shop/property. Similar to the OP, we will have a significant pile of equity in our homestead to pass on or find a way to access.

I agree with those who say find a way to to do what you want to do while you can. Unless your kids have a disability, don't take earning what they want away from them. Otherwise their life becomes the biggest participation trophy of all.

Depending on how a persons retirement is set up, an easier way to access a portion of the equity might be a HELOC or cash out refinance. I haven't carefully examined a RM, so don't know the fees associated with it, but it's worth a comparative analysis to see which route ultimately costs less in fees and interest. Even if it's not the best financial move, those on a structured payment system like an anuity/pension plan that have a higher monthly payout might find it advantageous to pay monthly for a large sum up front with which to pay for a few dreams.

We are already set up properly.

Believe me....I have plenty of experience in the field.


Spent all my life watching farms and ranches go through the succession and nursing home process.

Jim I cant answer that ...I started this thread because of post in another thread.....I just wanted to see others opinions on it....and if anybody has any real life experience with it.....bob

Jim, you mean a nursing home stay for a lifetime taxpayer, after all their assets are expended? I feel it is deserved.

A graduate with student loans has a lifetime ahead of them to repay, as well as pay their share of taxes for their future support needs.

An RM is just a way to spend assets as they wish. With conditions. And the subsequent loss of that asset. And a potential loss of future needs support.

Excellent. Good job!

Trust route?

Absolutely deserved.


Seen some shady shìt go down trying to hide assets.

I suspect mostly the result of poor or no planning.


But sometimes it was just greed.

You could call it that!


As in my folks absolutely trust me.

yes...apparently some don't get ...I will wipe my own ass....bob

Very true, Jim. The algorithms in the systems Medicaid offices in each state are pretty intense and that application process does invoke stress to those who try to game it. As it should.
Legal spend down is intended to make quality of life something livable, not so heirs and others can live like the Kennedy family.

good post....you can do a heloc or cash out refinance.....but when you don't earn an income I don't see how that would work.

good luck whenever you decide to retire!.....bob

What about someone like myself without a wife or children, and no body in particular to leave things to ?

Legal spend down?