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CTyankee

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4. We are in our 80s and hubby is handicapped. No, we don't have accommodations for renting a room.

Fri Oct 4, 2024, 11:34 AM

Oct 2024

I don't think my kids want the house because they live and work out of our state, so this wasn't the home they grew up in. And I don't think there is any expectations that they will inherit our house. For one thing, this is a second marriage for each of us and neither his kids nor mine would care but they WOULD be stuck helping us pay our bills if we don't pursue this option.

I want to talk to my tax preparer for any advice he could give us. The house is worth more than what we paid for it initially and we've been paying for over 25 years.

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I'm considering a reverse mortgage on my house. Anybody here have one, or know something about them? [View all] CTyankee Oct 2024 OP

DON'T deRien Oct 2024 #1

The bank owns the home afterward. Doesn't it? LuvLoogie Oct 2024 #2

We are in our 80s and hubby is handicapped. No, we don't have accommodations for renting a room. CTyankee Oct 2024 #4

Be careful. They can turn out to be expensive. Here's some info from the FTC: Ocelot II Oct 2024 #3

Folksy Tom zselleck is punchable XanaDUer2 Oct 2024 #5

Yes, he is. My tax guy is not; he's solid and can give me good advice. I don't think we are his first clients who have CTyankee Oct 2024 #6

Better to claudette Oct 2024 #7

Don't do it. Our neighbor did and regretted it later. OLDMDDEM Oct 2024 #8

why did they regret it? CTyankee Oct 2024 #9

The money he borrowed accumulated interest to the point where there was no equity in the house. He died and left OLDMDDEM Oct 2024 #10

We don't have kids from this marriage. Neither his nor my kids would even want it and would consider it to be a pain in CTyankee Oct 2024 #12

I understand your points. There are up front fees also. My neighbor's fees were about 15% of the borrowed amount. OLDMDDEM Oct 2024 #13

That seems like a lot. I don't know CT's tax in my case. Again, a question for my accountant who is very familiar with CTyankee Oct 2024 #14

I agree. Talk with your professional about it. Good luck. OLDMDDEM Oct 2024 #15

I am a CPA and do not recommend reverse mortgages. Big Blue Marble Oct 2024 #18

Doesn't sound so bad. louis-t Oct 2024 #30

Beware: President Reagan was behind it! Omnipresent Oct 2024 #11

Yes, reverse mortgages are part of the array of strategies by the wealthy Big Blue Marble Oct 2024 #19

Trickle Up. (n/t) Iggo Oct 2024 #42

I looked into one a few years back and found the terms just horrible. gristy Oct 2024 #16

My 1st choice would be, if you have the funds, pay off the mortgage. Fla Dem Oct 2024 #17

The key thiing here is that we get to stay in our house. The escrow amount just went up A LOT. CTyankee Oct 2024 #20

Escrow should be for taxes and insurance PennRalphie Oct 2024 #21

I am going to the bank that holds our mortgage to discuss this with them. They might have an idea for us. CTyankee Oct 2024 #22

Good luck! PennRalphie Oct 2024 #27

If you've owned your house for 25 years, it must be worth a whole lot more than you paid for it! Vinca Oct 2024 #23

We did consider it but we love our home and want to stay in it for as long as we can. CTyankee Oct 2024 #25

mom has one Kali999 Oct 2024 #24

I have not done it, but I am extremely suspicious. Do your research. Depending on your state, you may be.. surfered Oct 2024 #26

If you run the numbers they aren't as predatory as they might seem (assuming the bank is reputable) Shermann Oct 2024 #28

Reverse mortgages are not terrible if you can get over some psychological hurdles MaryMagdaline Oct 2024 #29

Not sure why I would even care about dying broke. CTyankee Oct 2024 #36

Your kids do not inherit your debt Lulu KC Oct 2024 #37

I don't know if they have changed since I did mortgages but I did not recommend them to any clients. Bev54 Oct 2024 #31

It depends on your own situation. BlueinUtah Oct 2024 #32

Thank you! CTyankee Oct 2024 #33

Happy to help BlueinUtah Oct 2024 #34

I haven't had my call with my tax preparer yet (it's tomorrow) so I'll have good info from him. CTyankee Oct 2024 #35

Have you looked into refinancing? Lulu KC Oct 2024 #38

Thanks. I"ll review the possibilities with them, I am sure. CTyankee Oct 2024 #39

Sometimes Lulu KC Oct 2024 #40

Don't feel guilty BlueinUtah Oct 2024 #41