Pete the Planner on reverse mortgages

[jgwest1]

Dude, at 1:01 it looks like you shot that chick in the head with a laser from your eyes! SWEET.

[fxb4]

why would a banker want to do this now with the current real estate market? The bank thinks its going to make a profit in X # of years when the home appreicates and the loan has to be repaid?

[GobalHoldingsLLC]

I did this as an investor.

There was a lady with a nice house like that needed $2,000 a month to cover her expenses.

I'm paying the $2,000 a month to her she is 78 years old going to get her house when she dies the house is worth $450,000 so figured if I paid it for 5 years or $100,000 into it I still will net $350,000

Personally I wish she would live longer but if she dies say in 5 months look at what I will make

[GobalHoldingsLLC]

Looks like a nice house sell it move down

t

[palsimon614]

Doomstay Scenario none of the lenders or HUD tell you about: If you go into bankruptcy because you cannot pay your credit card debts, FHA terms require the lender to call your loan. I don't know what happens then? Terrible possibilities here.

[boxcar1201]

It is just stupid to get back in this kind of debt. It never ceases to amaze me how may experts there are to tell you how to stay in debt. If you think we have a crisis now, wait 10 years and you'll see this crap show it's true purpose. Reverse mortgages is a very bad idea people.

[petetheplanner]

The point of the segment is not to encourage people to take out a reverse mortgage. I agree that it is not preferable, but sometimes it is the only option. There are no absolutes in financial advice. You can't say that this is terrible, and that is great. It is all situational. My job is to make sure that people don't have to use things like reverse mortgages.

[boxcar1201]

Thank you Pete for responding. I respect you for stating your purpose is to make sure that people don't have to use things like reverse mortgages.

I do have a solution for the mortgage crisis but there is not enough space here for me to outline it. As for property taxes they are based on assessments. Communities can start by ensuring assessemtents don't exceed 4 percent of the lowest paid social security benefit.

[boxcar1201]

The reason I suggest this is because the day I saw your video I had just returned from the pharmacy. There was a lady there to pick up her prescription. The cost of her medication went up $3. $3 Pete but she couldn't afford it because she only had social security as income.

I own my home. I don't have a mortgage payment and it is assessed at 6 times what I paid for it. If having a lower assessment will allow the elderly to afford medication and keep their homes, than so be it.