What next

[FROG MAN]

62 and want to retire? Just take out a Reverse Mortgage on your house.Buy a new scoot,travel, live it up and never have to pay back the loan in your lifetime. No credit checks either. After your gone the house is sold to pay back the loan. Talk about spending the kids inheritance. The sad thing is many will take this option when they find out it's the only way to afford retirement.

[BradT]

Heard about these a few years back, seemes to me another way for the banks to make more money.

 

Brad

[hipshot]

then, on the other hand, gerald.

there are some who have no children, outlived their children, or for what ever reason, don't figure that they should leave anything to their children. some of these people live in huge ,expensive , PAID FOR homes and condos.

for those people, it sometimes becomes a life saver,especially if they were "taken in and bankrupted", by con artists, who especially love to prey on elderly people. then there are those , who put all their "retirement funds,401k's etc, into companies like "ENRON", and lost everything. for these folks, reverse mortgages are a lifesaver.

not being argumentative, here, but i know a couple of couples, that have fallen prey to the likes of the "enron" group.

just jt

[FROG MAN]

This may be a good thing for some. I hear a lot of talk about using home equity for retirement. I'm sure this option will grow on people and be a better deal then a second mortgage. If this generation don't get some common sense and leave the drugs alone we may outlive our grandkids.

[hipshot]

This may be a good thing for some. I hear a lot of talk about using home equity for retirement. I'm sure this option will grow on people and be a better deal then a second mortgage. If this generation don't get some common sense and leave the drugs alone we may outlive our grandkids.

 

here here!

i totally agree, gerald!

i know college grads, that can't tell you where to look to check their engine oil level.

don't know how to change a flat tire, or even where to find a spare tire!

it is terribly sad, that "WE " did everything for our kids, and wound up doing more harm than good.

just jt

[Redneck]

I don't see anything wrong with it the asset's belong to them and they should be able to use them as they please. I know some people who did it they said there kids had no interest in the house they did not have to do it but now they can do some things they otherwise could not afford.

[FROG MAN]

I guess times are changing. In West Virginia (one of the poorest states in the nation) land is sacred. People here will deny themselves health care,and many things to keep there land. The property I live on goes back in the family for generations. One of my ancestors had a black smith shop here.Some day I would love to pass it on to family. There would have to be an interest in the property and the financial responsibility to manage it. I have seen many pass property on in a share and share alike manner with multiple problems later. This is one thing I will not do. If I don't own it 100% I don't want it.

 

The reverse mortgage issue is not an option for me but who knows. Times and values are a changing. God only built so much dirt and when it's gone it's gone. I see the signs around me though. The wild and wonderful is becoming New Jersey and Pennsylvania avenue. Masses of people coming here buying up land that is still cheap by there standards. In just recent years I have seen it go from $300 an acer to $20K. I pay $300 a year for land taxes but that will soon change.

[Eck]

Lets see, if I did that when I reach 62, and based on what my house is worth, I could retire for maybe two years, then I would have a bike and be homeless.............

[Skid]

Unless the State does some kind of a "Enron trick" and goes belly up, I'm gone in six more years. You folks are making me depressed...

[FROG MAN]

Go for it ECK. We have enough venture riders to put you up.You could live the life of Lowell. On the road every day traveling.You could take a ride up to Charlies and help drink his beer.:rotf:

[SilvrT]

Wife & I have next to nothing for retirement savings; however, we will be debt free and will own our car & scoot outright. We don't have a house. We plan on buying an older mobile home, parking it on a lot somewhere in the warmer part of the province, and living there for the summer. Winter we'll travel south on the bike, pulling a trailer... tenting here and there, hooking up with others and staying over here and there...maybe stopping for a week or longer and doing a bit of work for board & room... whatever. Eventually we'll get too old for that and then our kids can look after us!!

[FROG MAN]

Eventually we'll get too old for that and then our kids can look after us!!

 

I hate to be the one to inform you but. Your kids are moving back in and bringing more with them.:rotf:

[SilvrT]

Eventually we'll get too old for that and then our kids can look after us!!

 

I hate to be the one to inform you but. Your kids are moving back in and bringing more with them.:rotf:

 

Not a chance... kinda tough to fit em into a mobile home barely big enuf for 2! (we have planned this) LOL

[Eck]

 

Go for it ECK. We have enough venture riders to put you up.You could live the life of Lowell. On the road every day traveling.You could take a ride up to Charlies and help drink his beer.:rotf:

 

 

Frog Man,

I've been planning on it most of my life, believe me... I will ride ...

just a couple more years, and I will off going west..north,, east, south, and where ever I can between.

That has been a life dream for me since I was a kid.....I told my wife before we got married that when I retire, I am going for a long long ride..till the wheels fall off.. She has NO problem with me doing so either, and even agreed to meet me at different places..

she will fly or drive but I am riding!