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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.
 

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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.
 

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Discussion Starter #4
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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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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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.
 

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Could you give my ex a call to tell her how human beings are supposed to act?

LOL.




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.
 

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She's a classy lady all the way!! X's and O's to my friend Lori!!
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!
 

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Ditto to what Smitty said in his first post. Get the outside counsel, reverse mortgages are not what they are cracked up to be. Just do your homework and make a good decision that fits your needs.
 

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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.
given all the problems with mortgage outfits over the past years...I doubt they would try any wheelin n dealin that would short you...they are too much under the scope to do that anymore
 

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One group will buy your Structured Annuity for pennies on the dollar, "It's Your Money-Use it when you need it". Another wants to buy your life insurance policy making them the beneficiary while paying you a tiny fraction of the real value. Another wants to end up with your home for next to nothing. Then there is the group that wants you to donate your car but they fail to mention the proceeds go to educating young Hasidim Jewish kids who's fathers likely work in the NYC diamond trade but refuse to admit they are the baby daddy and keep the mothers on welfare.

Geeze guys and gals, Think before you act because there are thousands of groups that want a chunk of your money for very little in return.

Divorces can in fact be amicable until you involve some grubby fingered lawyers who will surely end up with the lions share. They thrive on keeping the fight going and their fees coming. Anything you see advertised on the TV is almost assuredly a scam of monumental proportions, commercial TV time aint cheap! People a lot smarter than most of us sit around every day designing the many ways to relieve us of our money which is the way of our world but you need not participate. How about those credit card deals where you blow your credit up to $25-$30 K and then they say you don't have to pay. How stupid can we be?

GaryL
 
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given all the problems with mortgage outfits over the past years...I doubt they would try any wheelin n dealin that would short you...they are too much under the scope to do that anymore
i'm guessing you missed the results of the last election?

to the OP, i hope that your new plans come to fruition for you, everyone deserves the opportunity for happiness.
 

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No offense intended, you have the right to your opinion of course...
I don't believe that.
Not one word of it.
Without the revenue stream from the fraudulent mortgages, they have to maintain their income through the use of other nefarious loopholes.
They don't just close up shop and open candy stores.

Il Caveat Emptor.




given all the problems with mortgage outfits over the past years...I doubt they would try any wheelin n dealin that would short you...they are too much under the scope to do that anymore
 

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Discussion Starter #19
I think Purple nailed it as to what I am being offered. Curious tho, about who would offer something with nothing to gain. Not real sound business practice.
Further to my situation; before divorce we had built up a tidy estate due to my hard work and the X's family business. My kid decided to stay with her Mother and will never, in the least, be hurting for anything. So, I am wide open to spend the equity as I please and, if any is left when I get turned away from the Purly Gates, she or the bank can have it. Don't much care.
 

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Every time I read threads like this, I think to myself: "BOY, am I glad I stayed married all these years!!!" :p It ain't always great, but it sure as Hell is better than the alternative. (It does help that we don't hate each other's guts, merely disgusted at times. :rolleyes:)
 
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