AAG Reverse Mortgage-Fred Thompson

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?

http://www.ispot.tv/ad/7qHN/aag-reverse-mortgage-too-good-featuring-fred-thomson

I can't complain but sometimes I still do.

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.

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.

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.

Great news guys.... With the Air Hawk, flat balls are no longer a problem!!!

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.

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.

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.

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

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

Sorry Ms. Westfall, Fred has been rubbing me the wrong way.

I can't complain but sometimes I still do.