Big , big , big day

Yesterday my mortgage paid finally in full

12 600 extra in my pocket now every year

Life is good , time to have a life

Until last year was on near 100 site ,just few for fun now [ probably will stop all very soon

Every cent earned on this kind of job for last 5 years gone to mortgage , it was hard , hard , hard to be in pension and have a mortgage , that is a past now

Once again , life will be normal from now

Wow, that's great. Ours will be paid in another 7 years. Bah! I have been seriously considering a reverse mortgage on our house. Have you heard of anyone who has done this and if so, do you know the downsides to this type of deal?

We lose our mortgage in July of this year, so more money in our pockets as well! Finally! Congrats on your new found life!

leeuna wrote: Wow, that's great. Ours will be paid in another 7 years. Bah! I have been seriously considering a reverse mortgage on our house. Have you heard of anyone who has done this and if so, do you know the downsides to this type of deal?

reverse mortgage ... good and bad

good and bad , more money to have better life , you do not pay but usually nothing will be left for your children once you are gone

ps ...if you paid at some stage extra in your mortgage and have a redraw facility that will be much better solution

tasman1 wrote:

leeuna wrote: Wow, that's great. Ours will be paid in another 7 years. Bah! I have been seriously considering a reverse mortgage on our house. Have you heard of anyone who has done this and if so, do you know the downsides to this type of deal?

reverse mortgage ... good and bad

good and bad , more money to have better life , you do not pay but usually nothing will be left for your children once you are gone

ps ...if you paid at some stage extra in your mortgage and have a redraw facility that will be much better solution

Hi Tas.

Is it Aus dollar or American?, Well anyways it's good to know that you're more financial secure now (You've been complaining about it quite a lot )

Saving up for my pension myself, But that's a loooooong time in coming.

Nikorj wrote:

tasman1 wrote:

leeuna wrote: Wow, that's great. Ours will be paid in another 7 years. Bah! I have been seriously considering a reverse mortgage on our house. Have you heard of anyone who has done this and if so, do you know the downsides to this type of deal?

reverse mortgage ... good and bad

good and bad , more money to have better life , you do not pay but usually nothing will be left for your children once you are gone

ps ...if you paid at some stage extra in your mortgage and have a redraw facility that will be much better solution

Hi Tas.

Is it Aus dollar or American?, Well anyways it's good to know that you're more financial secure now (You've been complaining about it quite a lot )

Saving up for my pension myself, But that's a loooooong time in coming.

Australian dollars , think it is a bit over 10 000 U.S. dollar

DON'T do a reverse mortgage if you only have 7 years left and I would not advise it anyway.

If you do choose that route, best get a lawyer first so that you will know exactly the best way
to go.

Owning your home without a mortgage is good and bad. Before shouting from the roof top
when your mortgage is paid off, be very careful. If you own your house, free and clear, you
have a lot more to lose. Remember that.

Reverse mortgage laws must be different everywhere just for some basic points depending how your law makers drafted the law,in India reverse mortgage is just a law,people still believe in living in joint families some have even four generations staying together,it very rare to find people going in for reverse mortgage someone in very extreme conditions may opt for it.

Three generations living her if my nephew ever get married has a family then be four generations.

Arvind9 wrote: Reverse mortgage laws must be different everywhere just for some basic points depending how your law makers drafted the law,in India reverse mortgage is just a law,people still believe in living in joint families some have even four generations staying together,it very rare to find people going in for reverse mortgage someone in very extreme conditions may opt for it.

Basic info , reverse mortgage in Australia

Let say you have a property , paid off , value 200 000

You can take out reverse mortgage 50-max 60% of value , that is 100 000 to max 120 000

You never pay that mortgage , interest on interest added to your loan every month

Once you die bank sells you property and usualy takes it all. nothing left for your kids or any family


Only folks who have no family or do not care for family take that kind of shit loan

Yup they be better off taking mortgage for full value or as much as can and get where pay interest only loan. Then enjoy the money. What my grandfather did bought new house pick loan where interest only then when they died the bank took it and the kids got all his assets they did not even try recovering any. My mother used it to renovate house and buy few new cars. She wishes now took my advise bought cheaper vehicles as her husband loves wrecking them. Last time thought I was going to die for sure.

For some retired people choosing a legitimate company, reverse mortgage may be the best way to go.

For example, a married retired couple with very little income. The couple are struggling to pay their
mortgage and make ends meet. The couple never had children. The couple do not have help nor
access to anyone that can help them financially. When they die, their home will go to the state or
city. The couple still have many years to pay on their mortgage. With this couple, a reverse mortgage
may be the best way to go. Not only will they be paid instead, they'll have ease of mind and have
the extra money to help pay for the things they need and/or want.

BUT if you only have a few years left on paying your home loan off, a reverse mortgage would be
crazy. It wouldn't make sense. If you're in a bind, the best thing to do would be to sell your house.
If you sell your house, you can purchase something more affordable or outright and pocket the
extra to help with living expenses.

Yes, in the USA, it works basically like that.......a reverse mortgage pays you and pays your mortgage.
When you die, they take the property and sell it. That's how they make their money. Obviously
you would need to have a certain amount of equity in your house before you would qualify for a
reverse mortgage.

Thanks to you all for your input on my question concerning the reverse mortgage pros and cons. I think now that it is not the best way to go in using the equity we have in our home. I suppose one would be better off to sell it and maybe get a smaller place and use the remaining cash for things we enjoy.