In one of the zoo Duplo kits that my children received as a family gift one Christmas, there was only one monkey. Now when you have 4 children, that is a BIG problem. There were some very important sharing skills that needed to be taught. Fortunately, this Monkey helped me teach sharing. Continue reading “How to Teach Sharing: Everyone Wants the Monkey”
What is a reverse mortgage? It is a financial product that allows you to tap the equity from your home. Millionacres says, You can qualify for a reverse mortgage as long as you’re at least 62, use the home in question as your primary residence, and are able and willing to keep up with your homeownership costs — meaning, continue paying your property taxes, retain homeowners insurance, and maintain your property.
As the articles below show, there are a lot of reasons NOT to get a reverse mortgage.
Since I live in New York, property taxes are a big concern. If you don’t pay your property taxes, your reverse mortgage becomes immediately due. Since there is not legislation protecting the homeowners, a town can reassess property values and your taxes can go up by 50% or more suddenly. Yes, they can. If you don’t pay your property taxes, your reverse mortgage becomes immediately due. If you can’t keep up with taxes, insurance, or maintenance, you are looking at foreclosure.
As the articles below show, there are a lot of reasons NOT to get a reverse mortgage.
But a reverse mortgage comes with several downsides, such as upfront and ongoing costs, a variable interest rate, an ever-rising loan balance and a reduction in home equity. In light of those drawbacks, homeowners considering a reverse mortgage should weigh the alternatives, such as refinancing an existing mortgage or taking out a home equity loan.
On its surface, a reverse mortgage might sound like an ideal way to use your home for income. However, both upfront and ongoing costs accompany a reverse mortgage, along with a variable interest rate. Another pitfall: Because interest and fees are tacked on to the loan balance each month, the balance increases—and as the balance goes up, your home equity goes down.
Because of the numerous downsides to reverse mortgages, be sure to explore all of your borrowing alternatives to ensure your finances don’t end up going in reverse.
If you’re contemplating moving for health concerns or other reasons, a reverse mortgage is probably unwise because in the short-run, steep up-front costs make such loans economically impractical. These costs include lender fees, initial mortgage insurance costs, ongoing mortgage insurance premiums, and closing (a.k.a. settlement) costs, such as property title insurance, home appraisal fees, and inspection fees.
Homeowners who suddenly vacate or sell the property have just six months to repay the loan. And while borrowers may pocket any sales proceeds above the balance owed on the loan, thousands of dollars in reverse mortgage costs will have already been paid out.
Youtube: Dave Ramsey says Reverse Mortgages Are Scams.
2017: 90,000 mortgages held by seniors are facing involuntary termination of their mortgages, i.e. foreclosure! At that time, 14%- 18% of the loans ended in foreclosure- a really, really, really high foreclosure rate.
Once in 30 Years From Elizabeth
“Jane” wanted to get a reverse mortgage. Her house was paid for. She wanted to remain in her house for the remainder of her life and have money to pay for her care, and she had no heirs. Also, she had recently been given less than a year to live. At that point, I could not talk “Jane” out of a reverse mortgage. There are other options, but she wanted what she wanted.
However, my advice for you: Run away from a reverse mortgage! Elizabeth Estelle
Let’s connect:
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Testimonials from Annie
I heard about Dorinda through a friend who heard her give an elevator speech about her business and explain how she helped people go into online dating successfully. I love to date and want to meet my person but dreaded the thought of even writing a bio or learning to use a dating app. I felt like any attempt would be canned and corny but meeting guys wasn’t going well either. My friend recommended I at least do the 15 min free consult and see if we could even work together. Dorinda was bubbly and cheerful and I got excited as I caught her enthusiasm. I tried to be very blunt and tell her exactly what I was looking for and she took it all in stride. She was excited and already had recommendations of apps that might fit me best. Over the next 5 weeks, I had weekly meetings with her as I wrote her a wishlist, talked about past relationships, and did homework to make my profile the best it could be (more photos!) One thing that both surprised me and I appreciated was this was much more about me then I thought. Dorinda focused on what I believed about myself and made me work through the lies that directed who I dated. She set me up with a bomb profile on 2 apps that look so good! Thank you for that huge push of courage, know-how and reminding me I’ve more than got this! Annie
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