Bidens leg hairs said:

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TxTarpon said:

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A reverse mortgage isn't debt. It's an annuity.

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It is debt.
You are going in debt with high fees to get cash now.
They are high fee, garbage products that are advertised between to snuggies and Nevage ads on TV.

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I agree it is a horrible investment and borders on predatory lending. But practically speaking you've signed over the house and receiving an annuity based on the equity. At the end of it all the reverse mortgage company gets the house.

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If the house goes up in value from what it was when she got the RM and she sells it, does she get to keep the difference?

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BMX Bandit said:

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If the house goes up in value from what it was when she got the RM and she sells it, does she get to keep the difference?

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after RM paid off, she gets whatever is left

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BMX Bandit said:

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I agree it is a horrible investment

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I've never heard anyone refer to a reverse mortgage as an "investment"

do people really think thats what it is?

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great way for some little old lady to get a monthly income in her golden years.

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Ag with kids said:

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Kenneth_2003 said:

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SMM48 said:

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He doesn't assume her business just cause they get married. It doesn't quite happen that way in probate. But if one can avoid it. It's best to take it out of the courts hands and leave no doubt.
A simple phone call to estate planning attorney will answer any questions he has.

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At their age, I think a sit down with their estate planner would be the prudent move here. If they're looking to get married there shouldn't be any awkwardness in line-iteming their wishes with both their community and non-community property.

Obviously your dad has heirs or potential heirs (you're here asking). I presume she has children/grandchildren that she wants her worldly possessions divided amongst. They should discuss it amongst each other, write out their primary desires and questions, then sit down with an attorney to draw up the documents.

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I'm an only child, but I have 9 kids and 16 grandkids (yes, everyone here but me and Dad a Lot is a poser). But, everything is going to me.

She's got several kids and grandkids too. Not sure if she has a will.

My Dad just recently had everything of his redone into a trust (the will he had with my Mom was done in the early 70s in Darmstadt so THAT was fun for his atty to figure out. You need witnesses? Oh, they all died 30 years ago).

But, I'll let him know he should call that atty and ask him the question.

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Bidens leg hairs said:

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TxTarpon said:

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A reverse mortgage isn't debt. It's an annuity.

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It is debt.
You are going in debt with high fees to get cash now.
They are high fee, garbage products that are advertised between to snuggies and Nevage ads on TV.

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I agree it is a horrible investment and borders on predatory lending. But practically speaking you've signed over the house and receiving an annuity based on the equity. At the end of it all the reverse mortgage company gets the house.

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TRADUCTOR said:

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Grandpa bought a rubber.

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BusterAg said:

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If the person with a reverse mortgage dies, the house goes to the investor. Full stop. That's it. The only loss is the property.

Maybe that is the concern, in that the couple wants to live there, and if the lady dies, the man can't live there anymore.

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