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re: Parents considering Reverse Mortgage
Posted on 1/12/23 at 2:11 pm to lsu13lsu
Posted on 1/12/23 at 2:11 pm to lsu13lsu
quote:
So they invested their life's savings into it and now get nothing from it?
I don't believe the OP started this thread in order to have people critique his parents' business acumen or ridicule their decision making. Many business owners have done the same thing over the years and lost their shirts. As I'm sure you know, there is no guarantee of success in that endeavor.
2
Posted on 1/12/23 at 2:19 pm to AUHighPlainsDrifter
What's the value of the home?
Posted on 1/12/23 at 3:17 pm to Billy Blanks
Probably around 700,000
Posted on 1/12/23 at 3:33 pm to AUHighPlainsDrifter
quote:
I don't believe the OP started this thread in order to have people critique his parents' business acumen or ridicule their decision making. Many business owners have done the same thing over the years and lost their shirts. As I'm sure you know, there is no guarantee of success in that endeavor.
True, but he said the family was now running the business after they invested all their money in it. So, I needed more context. Because it sounded like they handed it over and now get nothing.
I regret sounding negative about it.
This post was edited on 1/12/23 at 3:34 pm
Posted on 1/12/23 at 4:29 pm to coverboy
quote:
Probably around 700,000
Why not sell it out right and downgrade into a 200-300K dollar home, put the rest into a high yeild savings account and gain some interest off of it while living very comfortably.
Posted on 1/12/23 at 4:40 pm to lsu13lsu
This is confusing. OP says family is now running it, and he is the only family, so OP is running it?
Not averse to the reverse mortgage, but there’s a limit as to how much can be borrowed against the home. Seeing as the business sounds like it has been handed to the OP, couldn’t a loan be taken against a piece of the business to pay them for building it? Or possibly keep them as part owners and pay them an annual dividend?
Not averse to the reverse mortgage, but there’s a limit as to how much can be borrowed against the home. Seeing as the business sounds like it has been handed to the OP, couldn’t a loan be taken against a piece of the business to pay them for building it? Or possibly keep them as part owners and pay them an annual dividend?
Posted on 1/12/23 at 5:45 pm to lsu13lsu
quote:
Will banks lend to retirees with basically just social security income?
This depends, but the answer isn't just a no.
I'm not familiar if traditional banks create reverse mortgages. I'm thinking it's a reverse mortgage lender that would.
Posted on 1/12/23 at 5:49 pm to coverboy
You’re gonna get arse raped. Don’t do it!
Posted on 1/12/23 at 6:36 pm to coverboy
quote:
Probably around 700,000
Try to sell, downsize and live off the rest of the proceeds?
Posted on 1/12/23 at 8:16 pm to bobdylan
+1
Posted on 1/13/23 at 6:00 am to coverboy
quote:
Probably around 700,000
Doesn't seem like that would go very far down the road. I'm sure they will have very pricey care at some point.
Posted on 1/13/23 at 6:10 am to coverboy
I'm not a big reverse mortgage fun, but they work awesome for older people who have most of their net worth in their home, don't want to move, and don't care about leaving an inheritance
Posted on 1/13/23 at 6:16 am to TheOcean
quote:
they work awesome for older people who have most of their net worth in their home, don't want to move, and don't care about leaving an inheritance
Sound like that might be the situation here.
Posted on 1/13/23 at 8:23 am to PetroBabich
That's the situation. Thanks again.
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