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re: What do you think is going on at my neighbor’s house?
Posted on 3/31/18 at 10:55 am to alphaandomega
Posted on 3/31/18 at 10:55 am to alphaandomega
0
Posted on 3/31/18 at 11:14 am to Eli Goldfinger
Not sure but they live next door to an author.
Posted on 3/31/18 at 11:37 am to fightin tigers
quote:
Read a story about a woman who outlived 3 reverse mortgages. I thought that story was pretty cool.
Aren't reverse mortgages based on a appraisal of the home and actuarial information on the owners? They pay you X amount per month for as long as you live in the home. If you live past the average life expectancy for your demographic, do you call that outliving your reverse mortgage?
How do you legally get three of them? I thought you could only get a reverse mortgage on your primary residence and it was senior to any other debt incurred.
Posted on 3/31/18 at 11:48 am to Eli Goldfinger
quote:
Would a RM include this?
Yes. For starters, the property has to be properly maintained. Secondly, when the recepient of reverse mortgage funds dies, the house becomes the property of the lender. I believe this also happens if the recipient moves out of the house and into a longterm care facility.
In you neighbor's case, the surviving spouse should be able to live in the house until she dies or moves out. Unless there is some reason she wasn't on the reverse mortgage in the first place. For example, if the man who died had received the reverse mortgage before he married the woman who is there now, she probably wouldn't be eligible to stay after his death. That doesn't sound like the case in this situation.
Bum children hate reverse mortgages. They think they "deserve" their parents' home when they die.
This post was edited on 3/31/18 at 12:04 pm
Posted on 3/31/18 at 11:49 am to Eli Goldfinger
Ever seen the Burbs? Check the trunk of their car when you have a chance.
Posted on 3/31/18 at 12:03 pm to Eli Goldfinger
Sounds like your neighbor has the party house, so whats the problem? He didn't invite you party I take it?
Posted on 3/31/18 at 12:41 pm to FOBW
quote:
Reverse mortgage people are scum
I’d say this is true for the folks on each side of the table.
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