Old Phart's Relief.
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Thread: Old Phart's Relief.

  1. #1
    Senior Member Motoad's Avatar
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    Old Phart's Relief.

    My divorce and subsequent retirement a couple of years back has left me neither in the black or red but just on the 0 line. Meaning I am having to think long and hard about travel plans. In the divorce, being the one who walked I had to fight seven long hard years for my settlement. No 50/50 split here I finally gave into about a third on my end. Then having to start over it bought me a comfortable condo and reduced my investments less than I needed to subsist. Also being a self employed builder for most of my career brought a lot of cash jobs (interestingly enough demanded by the customer a lot of the time) that meant that i was a wee bit lax on giving the gov their share. So the pension is a bit on the light side.
    Now I have just paid off my mortgage and am left sitting on the the zero line, neither black nor red. So, discussing this with my Credit Union I have made an appointment to go in and discuss the whole reverse mortgage thingy. I have at least $250 in equity with the condo, one child to leave whatever is left to (and from her Mothers' side she with certainly will never be hurtin for cash) and maybe 20 years left before I am reborn as a Toad. On the phone my banker has told me they can make this work, ie; free up a cash flow to moto travel, get out of the winter weather and maybe see Aus. before I kick it. Hell, a cruise drinkin those drinks with the tiny umbrellas may even be in the cards. Will be interesting to see.
    And if it does happen I guess I will be loading up the Jeep and throwing on the Backpacker (Tdub) and getting down to the warmth to wait for Moab sooner than later. Fingers crossed.

  2. #2
    Senior Member Smitty Blackstone's Avatar
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    Please seek outside assistance when considering a reverse mortgage.
    Many unhappy stories about those.
    I will repeat. Seek assistance from a professional person with no hand in this.

    Wishing you luck and happiness in your future endeavors.

    Been a couple of years since the court system screwed me dry. Left me with no 4 wheeled vehicles except my 66 Corvette.
    Cost me over 200 grand.
    Best friggin money I have ever spent that I didn't have.

  3. #3
    Senior Member grewen's Avatar
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    don't feel bad that you didn't get a 50/50 split, THERE IS NO SUCH THING!! if you got a 30/70, be happy. and it doesn't matter who walked, the guy pays, I know
    Greg

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  5. #4
    Senior Member Motoad's Avatar
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    Actually the banker didn't mention the word 'reverse' so I'm not sure that was what they were talking about. Sounded like some type of remortgaging with a good interest that covers the payments AND gives me the cash I need to be happy. She also said I would still be the homeowner and there's no way I would ever be out on the street. I know, 'If it sounds too good to be true it probably is.' I'll be careful but I'm all ears.

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    Super Moderator Purple's Avatar
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    Yeah – they give you a loan on the place – you pay the repayments – then they own it when you kick it – all at a reduced valuation to ensure their cut

    As Smitty says – take advice from someone who doesn’t stand to gain on the deal – there’s no such thing as a free lunch …….
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  7. #6
    Senior Member Mrs. Admiral's Avatar
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    Quote Originally Posted by grewen View Post
    don't feel bad that you didn't get a 50/50 split, THERE IS NO SUCH THING!! if you got a 30/70, be happy. and it doesn't matter who walked, the guy pays, I know
    Ah Greg, why'd you have to go and say that?!?!? Now I have to rant - Not EVERY woman out there screws the man over!

    My ex husband got way more than he deserved. He came in to the marriage broke, behind on all his payments, and collections coming after him on several things. I came into the marriage debt free, a savings account, and 5 acres in land.

    After 11 years of marriage - where we both worked and made the same amount of money, he came out of it with debt free, a brand new paid for truck, half of everything we owned, money in the bank, all of his retirement money and 401k, and child support payment of $400 for two kids. The only thing I fought for and got was the kids. He had decent visitation but he chose not to use it.

    I've always believed in doing the right thing and the right thing was for each of us to have half of everything and I also wanted to set a good example for my kids. Being vindictive and greedy does not set a good example.

    Yes, I would have loved to stick it to him but I didn't. In the end, he stuck it to himself. He was remarried within 6 months and bankrupt within a year after that.

  8. #7
    Senior Member grewen's Avatar
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    well Lori, we have alwas said you are one in a million and you just keep proving it. my last one was like your last one!
    Greg

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  9. #8
    Senior Member Smitty Blackstone's Avatar
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    Could you give my ex a call to tell her how human beings are supposed to act?

    LOL.




    Quote Originally Posted by Mrs. Admiral View Post
    Ah Greg, why'd you have to go and say that?!?!? Now I have to rant - Not EVERY woman out there screws the man over!

    My ex husband got way more than he deserved. He came in to the marriage broke, behind on all his payments, and collections coming after him on several things. I came into the marriage debt free, a savings account, and 5 acres in land.

    After 11 years of marriage - where we both worked and made the same amount of money, he came out of it with debt free, a brand new paid for truck, half of everything we owned, money in the bank, all of his retirement money and 401k, and child support payment of $400 for two kids. The only thing I fought for and got was the kids. He had decent visitation but he chose not to use it.

    I've always believed in doing the right thing and the right thing was for each of us to have half of everything and I also wanted to set a good example for my kids. Being vindictive and greedy does not set a good example.

    Yes, I would have loved to stick it to him but I didn't. In the end, he stuck it to himself. He was remarried within 6 months and bankrupt within a year after that.

  10. #9
    Senior Member Smitty Blackstone's Avatar
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    Same here.

    Quote Originally Posted by grewen View Post
    well Lori, we have alwas said you are one in a million and you just keep proving it. my last one was like your last one!

  11. #10
    Super Moderator littletommy's Avatar
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    Yeah, mine too Lori!!
    Quote Originally Posted by Smitty Blackstone View Post
    Could you give my ex a call to tell her how human beings are supposed to act?

    LOL.
    Smitty Blackstone and Ken like this.
    1st John 1:9
    If we confess our sins, He is faithful and just to forgive us our sins, and to cleanse us from all unrighteousness.

    John 3:16
    For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.

    John 3:17
    For God sent not his Son into the world to condemn the world; but that the world through him might be saved.

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