Go Back   Winnipesaukee Forum > Winnipesaukee Forums > General Discussion
Home Forums Gallery Webcams Blogs YouTube Channel Classifieds Register FAQDonate Members List Today's Posts

Reply
 
Thread Tools Display Modes
Old 05-08-2013, 06:00 AM   #1
dpg
Senior Member
 
dpg's Avatar
 
Join Date: Apr 2004
Posts: 2,597
Thanks: 153
Thanked 229 Times in 166 Posts
Default

So how do you pay them back? Do you sign a note promising to pay when the property's sold? Is there a law or something about selling and paying the note back, like a timeframe or something? Can you take a reverse then leave the home to a child??
dpg is offline   Reply With Quote
Old 05-08-2013, 06:40 AM   #2
HomeWood
Senior Member
 
HomeWood's Avatar
 
Join Date: May 2006
Location: Clayton,NC / Sanbornton,NH
Posts: 611
Thanks: 126
Thanked 137 Times in 75 Posts
Default

Quote:
Originally Posted by dpg View Post
So how do you pay them back? Do you sign a note promising to pay when the property's sold? Is there a law or something about selling and paying the note back, like a timeframe or something? Can you take a reverse then leave the home to a child??
I think the intent is to never pay it back, thus why it seems to be marketed to retired folk and the elderly. The banks gives you small loan payments (in reverse) instead of one large lump sum home equity loan. Then they own the house and could make a killing when they sell it after your death. If you want to leave it to a relative, they will have to pay off the mortgage or refiance. I'm a huge Dave Ramsey fan and he clearly explains why they are such a bad deal.

Banks didn't come up with this scheme to help YOU.
HomeWood is offline   Reply With Quote
Old 06-05-2013, 01:31 PM   #3
ossipeeboater
Senior Member
 
Join Date: May 2005
Posts: 157
Thanks: 0
Thanked 2 Times in 2 Posts
Default

Quote:
Originally Posted by HomeWood View Post
I think the intent is to never pay it back, thus why it seems to be marketed to retired folk and the elderly. The banks gives you small loan payments (in reverse) instead of one large lump sum home equity loan. Then they own the house and could make a killing when they sell it after your death. If you want to leave it to a relative, they will have to pay off the mortgage or refiance. I'm a huge Dave Ramsey fan and he clearly explains why they are such a bad deal.

Banks didn't come up with this scheme to help YOU.
ramsey is far from the be all when it comes to this stuff. he's rather have you in no debt eating nothing but ramen noodles while your free and clear owned homes sitting there just so you cna say you have no mortgage.

Reverse can be a good thing, no payments made, house is sold after you dies with the payoff being the principal plus interest, you cna never owne more than it sells for and if it sells for 10x what you borrowed you cna get some proceeds from it.

Biggest opposer of a reverse mortgage is the kid who are mad they will get no inheritance yet don't want to pay for the parents expenses while they are alive.

My parents bought there retirement home with a reverse, they owe me nothing when they die IMO so having no first mortgage payment or home equity payment is just perfect for them. gives them another $1000/mo to spend having a good time.
ossipeeboater is offline   Reply With Quote
Old 05-08-2013, 06:40 AM   #4
Kamper
Senior Member
 
Kamper's Avatar
 
Join Date: Jul 2005
Location: Thornton's Ferry
Posts: 1,307
Thanks: 67
Thanked 172 Times in 128 Posts
Default

If you just need access to money, try a home equity account. The interest can be a pain though. Make sure you don't fall behind in the payments because they can still take your house.

...And that's all I think I know about that.
Kamper is offline   Reply With Quote
Old 05-08-2013, 08:23 PM   #5
fatlazyless
Senior Member
 
fatlazyless's Avatar
 
Join Date: Apr 2004
Posts: 8,757
Blog Entries: 1
Thanks: 300
Thanked 1,012 Times in 737 Posts
Default

....say-hey....probably best to fuhgettabout a reverse mortgage and, I should rent out the cottage during the high-rent, summer weeks and move myself into my old, unregistered pickup truck.....someone up the road has an accessory one-room cottage on their lot as well as a large, old laker, waterfront house and does something like this to make money for his prop taxes......maybe become bad-arrhhggg homeless and go live under a bridge during the high-rent summer weeks and live on Pabst Blue Ribbon and cheese-its on a rainy day under the Weirs boardwalk with the big lake view!
__________________
... down and out, liv'n that Walmart side of the lake!
fatlazyless is offline   Reply With Quote
Sponsored Links
Old 05-09-2013, 01:57 AM   #6
Greene's Basin Girl
Senior Member
 
Join Date: Sep 2009
Location: Moultonborough, NH
Posts: 1,515
Thanks: 394
Thanked 527 Times in 269 Posts
Default

Sounds like a plan!!!!
Greene's Basin Girl is offline   Reply With Quote
Reply

Bookmarks


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump


All times are GMT -5. The time now is 01:09 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2025, vBulletin Solutions Inc.

This page was generated in 0.35579 seconds