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Started By
Message
IS A REVERSE MORTGAGE A GOOD IDEA? Need Help deciding
Posted on 9/26/23 at 8:14 am
Posted on 9/26/23 at 8:14 am
Hi fam,
I’m 63 wife is 66, wife retired from FETI at LSU. Me social security I was self employed until a year ago.
We live in Tara subdivision only owe 110k on a house with a 300k valuation.
Anyone with financial knowledge think a reverse mortgage is a good idea to eliminate a house note of 1035.00 a month?
It’s our forever home and plan on staying in it till the end.
Thanks fam,
I’m 63 wife is 66, wife retired from FETI at LSU. Me social security I was self employed until a year ago.
We live in Tara subdivision only owe 110k on a house with a 300k valuation.
Anyone with financial knowledge think a reverse mortgage is a good idea to eliminate a house note of 1035.00 a month?
It’s our forever home and plan on staying in it till the end.
Thanks fam,
10
Posted on 9/26/23 at 8:28 am to Oneulus
quote:Unless you tap out all the equity and are forced to sell in your late 70s or early eighties
It’s our forever home and plan on staying in it till the end.
Posted on 9/26/23 at 9:00 am to Oneulus
How much do you have saved for retirement?
Posted on 9/26/23 at 9:13 am to Oneulus
This is a much more detailed discussion than the information provided. Do you have kids? How much saved? Monthly expenses? Total monthly income? Health?
Posted on 9/26/23 at 9:51 am to Oneulus
I've always heard they are a bad idea and should only used when really needed.
You're going to get hit with origination fees and closing costs up front then ongoing interest expenses.
Current fixed rates for reverse mortgages appear to be just over 7%. So you'd be borrowing at 7% plus fees (likely 8+% APR) to pay off a mortgage you took out years ago at I'd guess a much lower rate.
Are you having a hard time making ends.meet or just looking to buy extra room in your budget?
You're going to get hit with origination fees and closing costs up front then ongoing interest expenses.
Current fixed rates for reverse mortgages appear to be just over 7%. So you'd be borrowing at 7% plus fees (likely 8+% APR) to pay off a mortgage you took out years ago at I'd guess a much lower rate.
Are you having a hard time making ends.meet or just looking to buy extra room in your budget?
Posted on 9/26/23 at 12:40 pm to Oneulus
quote:
I’m 63 wife is 66
quote:
Hi fam,
Suspect.
What do you have coming in retirement wise each month?
Posted on 9/26/23 at 4:20 pm to Oneulus
Should not retire when still paying a note on home. Go back to work until paid off
Posted on 9/26/23 at 9:08 pm to Oneulus
Never! If the lender default and they do a lot, you'll lose it all.
Posted on 9/27/23 at 12:51 am to Oneulus
Refi the 110k for 15-20 years. Refi again when rates drop.
Posted on 9/27/23 at 8:03 am to Oneulus
This seems like something made for a person who did a shitty job of saving and investing while in their working years.
Posted on 9/27/23 at 3:50 pm to Oneulus
Nothing said in your post makes any sense. If your wife is 66 and retired from LSU, she should be getting Social Security and a retirement, correct?
And you are 63, drawing Social Security as well? Ya'll should be getting a pretty good chunk each month.
Any kids? At ya'll age...should've paid that house off long ago. But if you need the money to make ends meet, that is what a reverse mortgage is for.
If you do have kids and wanted to leave your home to them you can kiss that idea goodbye should you go through with a reverse mortgage. But hey, if it addresses ya'll immediate problems, go for it!
It's obvious ya'll cannot manage money very well and you know the old saying...you can't teach an old dog new tricks.
Good luck!
And you are 63, drawing Social Security as well? Ya'll should be getting a pretty good chunk each month.
Any kids? At ya'll age...should've paid that house off long ago. But if you need the money to make ends meet, that is what a reverse mortgage is for.
If you do have kids and wanted to leave your home to them you can kiss that idea goodbye should you go through with a reverse mortgage. But hey, if it addresses ya'll immediate problems, go for it!
It's obvious ya'll cannot manage money very well and you know the old saying...you can't teach an old dog new tricks.
Good luck!
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