Reverse Mortgage?
 

I've heard that there are lots of lenders available offering reverse mortgages in TV. Citizens First does them too! Maybe you need to check them out! I don't know alot about them but if I get pinched I might check them out as I know some people who have them.

This thread was last posted on in 2007.

How do the numbers work today? Investment income is less than inflation today.

about reverse mortgages
 

...it can be a good strategy but...you must be living in the absolute last home you will ever own. In other words no moving once it is done.

Todays numbers based on my research.

All assume no mortgage so add that on top if you will have one and that you have some type of heath care coverage.

$2000 a month
Live quite frugal, small home, (1200 sq ft or less) take carry of many basics yourself, mow your own lawn etc., out to eat once a week to a low cost place executive golf and walk, and utilize as many free things to do as possible.

$3000 a month
Still live frugal, but do more, eat out more, take a decent vacation, but still do most things yourself vs hiring them done.

$4000 a month
Live well but not extravagant, play championship golf, out to eat a couple times a week to decent places, take vacations, and not worry about to much. Hire most services. Larger home, 1800 sq ft.

$5000 a month
Do what you want when you want, take a couple nice vacations, hire everything done, play lots of golf, enjoy life.

$6000 a month
You can live very well, nice home with a view, 2000 sq ft, hire all services, play championship golf 4 days a week, out to eat 3 or 4 times a week.

$7000 a month and above
No worries, be happy.

INvestmetn income
 

Then you have the wrong investments... CDs, savings and short to mid term treasuries just don't make it in today's economic world. You need to take some risk and not be afraid that the world is coming to an end.

If you can't stand the risk then buy some sort of annuity with guaranteed payouts. An annuity has to out perform short term interest baring instruments. Just remember that the company you buy the annuity can go belly up also....

To be able to live in TV we all had to do something right. IMHO making vast changes to you investment habits in retirement is a recipe for disaster.

My figure exactly..........

If you live in a manufactured home on the historical side, it would cost no more than any other trailer park. Taxes are low, no lot rent, no bond. The only expenses would be the amenity fee, utilities, insurance. A person could probably live there on only their social security.

Reverse mortgages should only be used as a desperate last resort solution.The upfront fees are staggering and very profitable for the lender.They are very expensive loans and not a beneficial long term solution.They can also have an impact on medicaid eligibility.The cons far outweigh the pros, and should only be considered after a very thorough examination of your individual situation, and exploring options that could be more advantageous .