A reverse mortgage is where a bank pays you a fixed payment in exchange for your house until you die. The banks goal is to get the house cheap. You pay for 30 years, they pay much less. They target boomers to make sure no generational wealth transfer takes place. Then the boomers go to Vegas and lose it all.
Property taxes are going up because Blackrock types, banks, foreigners, and private equity firms are making property more expensive and scarce. A house in our neighborhood just sold for about 70% more than it did in 2014. When you spend more on a house than it's worth, the taxes will go up regardless.
Commercial real estate is tanking too since many people aren't commuting anymore.
I would never advise a reverse mortgage UNLESS the person is a genetic dead end and the State would end up with everything of theirs anyway. There's otherwise no good reason for a reverse mortgage.
yeah once you reverse the mortgage you cant give the house to a relative.my elderly parents already gave the title to us just in case. the only good thing that our rent is really low at 600 bucks per month but what screw us is the stupid taxes and insurances.
we must pay over 7 grand a year on those alone. fuckers
Tax and insurance are getting crazy. You're paying ~$600/month just to live there and to protect the property. I've seen worse, but those figures are appalling nevertheless.
I worked in insurance for a while. On average $900 of your bill is from people committing insurance fraud. California, Florida, NY, New Jersey are the worst perpetrators.
According to my tax receipts, my house has multiplied it's value 7 times in 10 years. Yes, they say my home is worth 7 times what it was a decade ago. Fucking thieves.
People are more than willing to use a government to extract their wants and needs from me because they are fucking pussies who wouldn't fucking dare try it by themselves.
Unfortunately for the people around me I call them the fuck out on it. I'll tell you to your fucking face that "I PAY FOR YOUR KIDS"......and it's true. Too many pieces of shit out there paying a few meager dollars with 5 kids.
The real problem is taxes and insurance and utility bills have gone up so much that most elderly retired people cannot afford to keep their house and continue to make any kind of a mortgage payment. So if their house isn't paid off by the time they retire they're going to have to get a reverse mortgage or they're going to have to sell their house get into something much smaller which is really hard to find these days it's very expensive to move as well. So you really don't have much choice.
at least the critter politician told the truth for once and by that i mean that this has been going on for quite sometime. here in florida the property taxes plus hurricane/flood insurance are through the roof. literally!
even if you pay your house, its never yours because you are paying taxes for it on perpetuity. after pay it to the bank you can go without insurance but God forbid that a natural disaster will befall you during the years that you live in it.
our politicians doesnt give a hoot about the elderly because otherwise they would put at least an age cap to the property taxes but they just dont care. again,why voting?
They would receive fixed monthly payments and may or may not have a LESA set up (Life Expectancy Set Aside: the reverse mortgage's version of tax & insurance escrows paid by the loan servicer).
my uncle made his elderly girlfriend do this. now after she dies (she is way older than him) the idiot wont be having the house for himself but the bank will repo the house.
the kicker is that he did this while he was healthy and now he is not and my guess is that he is counting on my mother to set him a bed somewhere in this house after all is said and done.
[ + ] HonkyMcNiggerSpic
[ - ] HonkyMcNiggerSpic 6 points 7 monthsSep 26, 2024 18:22:01 ago (+6/-0)
[ + ] ModernGuilt
[ - ] ModernGuilt 4 points 7 monthsSep 26, 2024 18:58:30 ago (+4/-0)
[ + ] SilentByAssociation
[ - ] SilentByAssociation 4 points 7 monthsSep 26, 2024 20:05:11 ago (+4/-0)
[ + ] dosvydanya_freedomz
[ - ] dosvydanya_freedomz 3 points 7 monthsSep 26, 2024 21:47:23 ago (+3/-0)
we must pay over 7 grand a year on those alone. fuckers
[ + ] SilentByAssociation
[ - ] SilentByAssociation 1 point 7 monthsSep 26, 2024 22:03:01 ago (+1/-0)
[ + ] allAheadFull
[ - ] allAheadFull [op] 1 point 7 monthsSep 27, 2024 18:08:48 ago (+1/-0)
[ + ] PotatoWhisperer2
[ - ] PotatoWhisperer2 3 points 7 monthsSep 27, 2024 02:33:21 ago (+3/-0)
[ + ] RMGoetbbels
[ - ] RMGoetbbels 3 points 7 monthsSep 26, 2024 20:51:20 ago (+3/-0)
People are more than willing to use a government to extract their wants and needs from me because they are fucking pussies who wouldn't fucking dare try it by themselves.
Unfortunately for the people around me I call them the fuck out on it. I'll tell you to your fucking face that "I PAY FOR YOUR KIDS"......and it's true. Too many pieces of shit out there paying a few meager dollars with 5 kids.
Pay your fair fucking share niggers.
[ + ] letsgetit
[ - ] letsgetit 3 points 7 monthsSep 26, 2024 20:38:55 ago (+3/-0)
[ + ] Sector2
[ - ] Sector2 2 points 7 monthsSep 26, 2024 16:55:33 ago (+2/-0)
[ + ] Crackinjokes
[ - ] Crackinjokes 1 point 7 monthsSep 27, 2024 04:41:54 ago (+1/-0)
[ + ] RobertJHarsh
[ - ] RobertJHarsh 1 point 7 monthsSep 26, 2024 22:52:19 ago (+1/-0)
[ + ] dosvydanya_freedomz
[ - ] dosvydanya_freedomz 1 point 7 monthsSep 26, 2024 21:39:48 ago (+1/-0)
even if you pay your house, its never yours because you are paying taxes for it on perpetuity. after pay it to the bank you can go without insurance but God forbid that a natural disaster will befall you during the years that you live in it.
our politicians doesnt give a hoot about the elderly because otherwise they would put at least an age cap to the property taxes but they just dont care. again,why voting?
[ + ] o0shad0o
[ - ] o0shad0o 1 point 7 monthsSep 26, 2024 19:50:19 ago (+1/-0)
[ + ] SilentByAssociation
[ - ] SilentByAssociation 2 points 7 monthsSep 26, 2024 20:18:48 ago (+2/-0)
[ + ] dosvydanya_freedomz
[ - ] dosvydanya_freedomz 3 points 7 monthsSep 26, 2024 21:44:23 ago (+3/-0)
the kicker is that he did this while he was healthy and now he is not and my guess is that he is counting on my mother to set him a bed somewhere in this house after all is said and done.
oh well....
[ + ] SilentByAssociation
[ - ] SilentByAssociation 0 points 7 monthsSep 26, 2024 21:59:54 ago (+0/-0)
[ + ] allAheadFull
[ - ] allAheadFull [op] 0 points 7 monthsSep 27, 2024 18:00:33 ago (+0/-0)
[ + ] HelenHighwater
[ - ] HelenHighwater 0 points 7 monthsSep 26, 2024 16:54:32 ago (+0/-0)