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BAJA.DESERT.RAT
Senior Nomad
Posts: 980
Registered: 11-5-2009
Location: BAJA SUR
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REVERSE MORTGAGE
Hola,
baja related only that i would like to think about a reverse mortgage and move to baja.
has anyone got involved with a reverse mortgage and if you did, what are your thoughts...positive or negative.
i would really appreciate your feedback as we are thinking about doing one. i do know it allows a six month time period living in the primary
residence and six months doing wherever.
if you want to discuss this privately, please u2u me.
i thank you in advance as i am seriously giving this product serious consideration.
i thank you in advance,
BIEN SALUD, DA RAT
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bajabuddha
Banned
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Registered: 4-12-2013
Location: Baja New Mexico
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Mood: Always cranky unless medicated
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Yes, I did, and recently. Biggest joke I've ever encountered; I was so insulted by my bank, I go in every other month and withdraw every penny I
don't need so they don't make a DIME off of me. By the time they took all the fees, inspections and up-front costs that needed to be paid by ME,
they offered me a whopping one-third (net) of what I found out four months later that my house was actually worth (I was so incensed I had an
appraisal done just to see).
If your house is 100% ship-shape, HUD-qualified, no glitches whatsoever you MIGHT get 65% value out of it after they take a pound of flesh off your
derriere with all the fees involved in the process. If there are any, and I mean ANY possible questions to septic, foundation, age, etc.... you're
totally screwed with a bunch of inspections by the bank's own people, and the net recovery amount is reduced significantly.
Plus, according to my 'work-up' stats, you get 25% up front, and have to wait a full year, living in residency to get the next 75%, or you can get a
pittance-per-month payment for umpteen years instead (hoping of course you die off before you're paid off). The up-side is, your bank CEO will be
able to afford his Cabo condo on a golf course.
Other than that, I really don't have an opinion on the matter.
[Edited on 1-24-2016 by bajabuddha]
I don't have a BUCKET LIST, but I do have a F***- IT LIST a mile long!
86 - 45*
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chippy
Super Nomad
Posts: 1722
Registered: 2-2-2010
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You would be better off selling and investing your cash or renting it out.
Reverse mort. are a rip off.
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grizzlyfsh95
Nomad
Posts: 226
Registered: 1-8-2010
Location: East Cape
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Good advice here. Do not even consider this scam.
The harder I work, the luckier I get
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BAJA.DESERT.RAT
Senior Nomad
Posts: 980
Registered: 11-5-2009
Location: BAJA SUR
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Hola bajabuddha,chippy,grizzlyfsh95,
i thank you for your input. it sure sounds like the gov't is wanting to help seniors without supplying vaseline.
fixing and selling is the next route.
thank you,
BIEN SALUD, DA RAT
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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Quote: Originally posted by BAJA.DESERT.RAT  | Hola bajabuddha,chippy,grizzlyfsh95,
i thank you for your input. it sure sounds like the gov't is wanting to help seniors without supplying vaseline.
fixing and selling is the next route.
thank you,
BIEN SALUD, DA RAT
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Exactly the way to go.
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bajabuddha
Banned
Posts: 4024
Registered: 4-12-2013
Location: Baja New Mexico
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Rat, they don't even offer KY...... which stands for "Kwit Yelling". 
I don't have a BUCKET LIST, but I do have a F***- IT LIST a mile long!
86 - 45*
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Lee
Ultra Nomad
Posts: 3503
Registered: 10-2-2006
Location: High in the Colorado Rockies
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All fees, appraisals, title searches, recording costs, servicing fees, are negotiable. Big down side to drawing a large sum of money is paying
taxes on it. u2u if you want a solid financial planner charging by the hour who will talk with you by phone.
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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BAJA.DESERT.RAT
Senior Nomad
Posts: 980
Registered: 11-5-2009
Location: BAJA SUR
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hola lee,
thank you but at this point in time, it won't be necessary.
BIEN SALUD, DA RAT
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Cochi
Junior Nomad
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Location: S. Oregon and Shell Beach
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If you have lots of equity, a LOC or equity loan would be best to help you.
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BajaNomad
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Thread Moved
1-25-2016 at 01:30 PM |
BAJA.DESERT.RAT
Senior Nomad
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Hola cochi,
i have about $ 800 k in equity but have minimal income to qualify for any loan. that's why the initial interest in reverse mortgages.
other option is a sale.
selling has created so many other questions. where to go, buy or rent, buy a house or condo or trailer, california or ?, etc.
BIEN SALUD, DA RAT
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Bob and Susan
Elite Nomad
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sell it and take the cash...you cant take it with you
spend it ALL...
ask you kids if they want the money? then rent
if they want a pain in the A** then buy a house
if they want to keep a condo and pay fees forever then buy that
if they want nothing then buy a trailer
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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| Quote: Originally posted by Bob and Susan | sell it and take the cash...you cant take it with you
spend it ALL...
ask you kids if they want the money? then rent
if they want a pain in the A** then buy a house
if they want to keep a condo and pay fees forever then buy that
if they want nothing then buy a trailer |
This!
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Lee
Ultra Nomad
Posts: 3503
Registered: 10-2-2006
Location: High in the Colorado Rockies
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| Quote: Originally posted by BAJA.DESERT.RAT | Hola cochi,
i have about $ 800 k in equity but have minimal income to qualify for any loan. that's why the initial interest in reverse mortgages.
other option is a sale.
selling has created so many other questions. where to go, buy or rent, buy a house or condo or trailer, california or ?, etc.
BIEN SALUD, DA RAT |
Try RVing. Always reading about people who've sold their home somewhere and started full timing in an RV. Don't like your neighbors, you can
drive off. Tons of places to stay and see. RV's won't tie up a lot of money.
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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bajabuddha
Banned
Posts: 4024
Registered: 4-12-2013
Location: Baja New Mexico
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Mood: Always cranky unless medicated
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| Quote: Originally posted by Lee | | Quote: Originally posted by BAJA.DESERT.RAT | Hola cochi,
i have about $ 800 k in equity but have minimal income to qualify for any loan. that's why the initial interest in reverse mortgages.
other option is a sale.
selling has created so many other questions. where to go, buy or rent, buy a house or condo or trailer, california or ?, etc.
BIEN SALUD, DA RAT |
Try RVing. Always reading about people who've sold their home somewhere and started full timing in an RV. Don't like your neighbors, you can
drive off. Tons of places to stay and see. RV's won't tie up a lot of money. |
DOUBLE-DITTO.
Have done it twice, am on my third home, and it's totally paid for; looked into the reverse mortgage..... to do it again! Gravity sports are great,
because if you ain't scared, you ain't havin' fun. Take a friggin' risk.... you can always re-invest, and if you look, something better will come
along, I guarantee it. The 'neighbors' thing goes triple-ditto. I'm inches away from outright sale, but my 'man-cave' is just too comfy right now.
NEVER say NEVER. Or is that an oxymarooon?
I don't have a BUCKET LIST, but I do have a F***- IT LIST a mile long!
86 - 45*
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Cochi
Junior Nomad
Posts: 98
Registered: 9-12-2008
Location: S. Oregon and Shell Beach
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I assumed you had no mortgage. If that is the case, go to your banking people and ask how much you qualify for a LOC, home improvement, or equity or
what ever they call them now. You should qualify for something substantial based on your 800k equity and some income.(might tell them you plan
renting, unless that kills the deal) Take that loan and use it to supplement your lack of cash flow each month and make a minimum payment. In the
meantime , go to Baja or where ever and try your new life style out before you buy some major assets. There many great rental deals all over Baja.
Rent your house in US on a short term basis.Walk before you run........
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AKgringo
Elite Nomad
Posts: 6025
Registered: 9-20-2014
Location: Anchorage, AK (no mas!)
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I would check to see if renting your house out while you are checking things out would cause you to lose the capital gains exemption afforded for the
sale of your principal residence.
I am land rich, and cash poor, so I plan on selling my Anchorage residence (no mortgage or liens) and carry the note myself. I won't turn down a
reasonable cash offer, but a substantial down payment and monthly income would give me more freedom of action.
I am not very clever in financial affairs, so I will get professional legal advice.
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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BAJA.DESERT.RAT
Senior Nomad
Posts: 980
Registered: 11-5-2009
Location: BAJA SUR
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HOLA AKgringo,
we have in mind taking the $ 500k tax free as we have lived here more than the required two out of the last five year benefit and we have enough
equity to take advantage of it if we decide to sell and also take advantage of proposition 60 in california.
i too will get professional advice as to taxes from our cpa.
i thank you for your further input.
BIEN SALUD, DA RAT
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SFandH
Elite Nomad
Posts: 7084
Registered: 8-5-2011
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Reverse mortgages are best suited for elderly people, as a last resort, who have out-lived their savings, are out of money, and want to stay in their
house. In these cases, a reverse mortgage can save the day. Otherwise, they're not really a good deal.
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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| Quote: Originally posted by SFandH | | Reverse mortgages are best suited for elderly people, as a last resort, who have out-lived their savings, are out of money, and want to stay in their
house. In these cases, a reverse mortgage can save the day. Otherwise, they're not really a good deal. |
Correct.
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