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AAG Reverse Mortgage-Fred Thompson

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aka ron View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aka ron Quote  Post ReplyReply Direct Link To This Post Topic: AAG Reverse Mortgage-Fred Thompson
    Posted: 14 Jun 2014 at 8:13pm
I know this has been done, but they just keep playing it.
STFU Fred, I don't trust you.  Must be a republican.
 
Think about it people.  They take the equity in your home and give it to you.
 
"You still own your home"
I would probably be charged with a crime, but I would like to knock old Fred off his feet.
 Henry too, For the half hearted , "hey" with the arms low. Did anyone else notice that?
 
I can't complain but sometimes I still do.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ad nauseous Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jun 2014 at 8:17pm
They play it constantly, no matter what channel you're on.

One good thing about TV-you could always turn it off
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Thor Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jun 2014 at 10:29pm
Originally posted by aka ron aka ron wrote:

 
 
Think about it people.  They take the equity in your home and give it to you.
 

 

Equity won't buy you groceries.  Still, there's other ways of realizing your equity.  But under the right circumstances, these reverse mortgages are probably OK.




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Post Options Post Options   Thanks (0) Thanks(0)   Quote LeeboKC Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jun 2014 at 11:59pm

Question: what is more boring-- Fred Thompson’s reverse mortgage ads, or his 2008 presidential campaign?

Yawn to both.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Chi Rho Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 12:20am
Reverse mortgages can be good in the right circumstances. When I was a social worker for seniors, we considered them a resource for clients, usually women, who had tiny Social Sec $$ and no heirs. Pulling out the equity from a paid off home helped them survive. Like a mortgage you have to be careful who you do business with.
I'm sure they chose Fred Thompson for his calm, manly presence    Love how they drag in Pres Reagan's name for that nostalgic appeal.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote wes_tx Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 3:53pm
Originally posted by Chi Rho Chi Rho wrote:

a resource for clients, usually women, who had tiny Social Sec $$ and no heirs. Pulling out the equity from a paid off home helped them survive. 


that I can see being reasonable
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 4:27pm
There a lot of catches even though Fred says there are none.

The home gets an inspection first. Anything found needing repairs, they will deduct a dollar amount to cover those repairs & set it aside for that purpose. And of course, you need to maintain a certain level of insurance coverage. Many elderly people on fixed incomes who own their homes can't afford & don't carry insurance, so that's more money that will come out of whatever they give you. Finally, from what I understand, they have an appraisal done to assess the current market value of your home & give you 75% of that amount.

I would imagine they probably deduct the costs of the inspection & appraisal too.

I suppose that if your home is worth enough, you have no heirs to leave it to & you need the money, a reverse mortgage could be a handy thing. Better to get some money for the place while you're alive & can spend it, rather than dying & having it go to somebody you've never even met.

I'm considering it. I have nobody to leave my house to & I probably won't want to be saddled with maintaing it after I'm too old to do any of it myself anymore.

Maybe get some money & go travel somewhere.



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Post Options Post Options   Thanks (0) Thanks(0)   Quote Crackicus Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 4:42pm
"Policies inacted by Ronald Reagan"

>reaches for the remote
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aka ron Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 4:52pm
My reason to hesitate would be that everytime I receive money from AAG, I go back into debt that much more. Something I've fought for, being debt free.
Home values have stabilized, I would feel much better selling the home outright and having complete control over the funds.
Downsize, rent, hell live on a boat.
 
I can't complain but sometimes I still do.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 5:12pm
Originally posted by aka ron aka ron wrote:

My reason to hesitate would be that everytime I receive money from AAG, I go back into debt that much more.


Not exactly.

If you plan to stay in the house until you die, the lending institution takes ownership of it upon your death & the debt is cancelled.

What you are, in effect doing is, selling your house to the bank at a discount in exchange for being able to stay in it for as long as you want. If you take out a reverse mortgage at 62, the minimum age, & you live to be 92, they have to wait 30 years to take ownership of your home. Of course, the bet is that it will be worth a lot more by then, so they got a great deal that they had to wait 3 decades to reap the benefits of. And of course, you have to keep it maintained. Probably inspections every couple of years or so.

The money you get never has to be paid back unless you have kids you want to leave it to, then they get the first opportunity to buy it or pay the money back or however that part works.


Great news guys.... With the Air Hawk, flat balls are no longer a problem!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Thor Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 7:13pm
Originally posted by aka ron aka ron wrote:

My reason to hesitate would be that everytime I receive money from AAG, I go back into debt that much more. Something I've fought for, being debt free.
Home values have stabilized, I would feel much better selling the home outright and having complete control over the funds.
Downsize, rent, hell live on a boat.
 

A lotta people have lived in their houses for decades, and don't wanna leave them.  Moving is a stressful experience.  Imagine how it would be for an older person.

I'm thinking that maybe there'll come a point in my life when being debt-free begins to lose its importance, and food and gas and electricity and maybe even a trip somewhere once in awhile will take its place.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 7:27pm
That's when you start thinking about selling the house & finding one of those quaint little 55 + retirement trailer parks.

Live there on the cheap & play shuffleboard & canasta until the day they either find you in the easy chair in front of the TV three days dead, or you have to go into a nursing home.



Great news guys.... With the Air Hawk, flat balls are no longer a problem!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aka ron Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jun 2014 at 7:53pm
We hope that we have planned ahead enough to avoid living in poverty.
I'm a tornado away from letting FEMA have this place.
I can't complain but sometimes I still do.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 16 Jun 2014 at 3:42am
Originally posted by aka ron aka ron wrote:

We hope that we have planned ahead enough to avoid living in poverty.
I'm a tornado away from letting FEMA have this place.

Even poverty in this country isn't really "poverty" per se.

It's entirely possible for a single person or a couple earning below what is considered the poverty level in this country, to live in reasonable comfort.

You have to do without a lot of luxuries, but you can still do OK.

Especially compared to people in the third world who live in REAL poverty.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Thor Quote  Post ReplyReply Direct Link To This Post Posted: 16 Jun 2014 at 3:44am

In most of the world, poverty isn't morbidly obese with a cellphone plan.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 16 Jun 2014 at 4:04am
Oh come on.

Everybody knows morbid obesity is caused by malnutrition!!!


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Post Options Post Options   Thanks (0) Thanks(0)   Quote bwestfall Quote  Post ReplyReply Direct Link To This Post Posted: 16 Jun 2014 at 4:38am
Since AKA Ron kindly pointed out to me a few weeks ago that he had already posted about Magic Sleeves when I started another thread about them, I wanted to point out that I was the poster who start the thread on reverse mortgages by Fred Thompson maybe a year or so ago
A new study finds that people who are chipper & happy live longer. Which is surprising because people who aren't chipper & happy want to kill people who are always chipper & happy. David Letterman
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Papa Lazarou Quote  Post ReplyReply Direct Link To This Post Posted: 16 Jun 2014 at 4:44am
Originally posted by Jimbo Jimbo wrote:

Oh come on.

Everybody knows morbid obesity is caused by malnutrition!!!


Banana!
BANANA!!
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Banana!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aka ron Quote  Post ReplyReply Direct Link To This Post Posted: 16 Jun 2014 at 6:02am
Sorry Ms. Westfall, Fred has been rubbing me the wrong way.
I can't complain but sometimes I still do.
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