Timeline for How do private reverse mortgages work?
Current License: CC BY-SA 3.0
11 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Sep 7 at 17:56 | history | protected | Chris W. Rea | ||
| Sep 15, 2017 at 21:17 | vote | accept | Phil Sandler | ||
| Sep 15, 2017 at 21:06 | comment | added | Phil Sandler | @DStanley I guess whether she can afford it or not depends on your definition. If she has a $5K shortfall every year, and can get access to $100K equity, she can afford the house for 20 years (ignoring interest, but you get the idea). If she sells the house and rents an apartment she will effectively be in the same boat, burning savings until she is out of money. | |
| Sep 15, 2017 at 18:05 | comment | added | D Stanley | @PhilSandler Then I'm sorry to say that she can't afford the house. If you want to help out with gifts or paying the insurance/taxes then that's great but I would not go into debt (or have her go into debt) to do so. | |
| Sep 15, 2017 at 16:58 | comment | added | Phil Sandler | @Grade'Eh'Bacon none of that is a concern. Please see my disclaimer. | |
| Sep 15, 2017 at 16:58 | comment | added | Phil Sandler | @DStanley she can't live on SS alone. She is already pretty frugal so there is not a lot of room for cutting expenses. | |
| Sep 15, 2017 at 16:11 | comment | added | D Stanley | Are the taxes and insurance the only expenses? Are there not other expenses that can be cut? And social security does not cover them? | |
| Sep 15, 2017 at 16:09 | answer | added | D Stanley | timeline score: 3 | |
| Sep 15, 2017 at 15:51 | history | edited | Brythan | CC BY-SA 3.0 |
edited title
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| Sep 15, 2017 at 15:39 | comment | added | Grade 'Eh' Bacon | This is going to get very messy if you go through with it. Example scenario that could turn sour: Do any siblings who will not be contributing to the 'cash pool' have fond memories of the house? Did you all grow up there? Because if at the end of this one of you owns the childhood home, even if you paid for it, that ownership could taint the relationships with other siblings who feel they didn't have the opportunity to "pre-buy" the house at the right time. Look at your options, sure, but keep in mind there is real value in taking this completely out of the family's hands, just in the bank's. | |
| Sep 15, 2017 at 15:11 | history | asked | Phil Sandler | CC BY-SA 3.0 |