Dad Wants A Reverse Mortgage

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16 ноя 2015

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Комментарии : 111

@dmorley100 8 лет назад

So this guy can't pay $4,000 in property taxes, yet somehow, he manages to afford to get a lawyer to write letters to his daughter. Makes A LOT of sense there.

@patsfan1284 7 лет назад

my thoughts exactly

@oliveoilwell 7 лет назад

you can get a legal network subscription for 19.99-29.99 per month.

@wmurray003 6 лет назад

Pro bono, or as Sami said..."e-lawyer".

@johnsprystaff9605 6 лет назад

A lawyer to protect his 180 000 home.

@almendaro 5 лет назад

Normally people change ownership to prevent the government take the House over medical bills as far as I know so they try to protect their assets in that way sadly when you do that some kids started to think in their own and they all of the sudden feel entitled so now the father is responsible to pay all the bills as he shut because is his house he struggled and can’t pay any more so he wants the help of the equity of his house but now the supposedly owners don’t want that I wonder how much have they paid in that property

@noobsmoke79 2 года назад

Nothing worse than toxic parents.

@1redrubberball 4 года назад

Fortunately, I am retired with a paid for home and sufficient income to more than meet my needs. Just to be informed, I checked into reverse mortgages. I was not impressed!

@michaelreyes8182 9 месяцев назад

So us being informed on what you think about an RM is important?

@imthevictorr 8 лет назад

you cant afford the taxes. Sell the house? or rent it out

@rustytaylor3387 4 года назад

Even when you get a reverse mortgage you have to pay the taxes and I believe they have to be current in order to do a reverse mortgage.

@unlimitedpower4101 3 года назад

Yes, but the money you get in the reverse mortgage can be used for it.

@greenearthblueskies8556 3 года назад

@@unlimitedpower4101 If he’s not paying it now , he won’t pay it when he get the loan

@biskit7 7 лет назад

This is a simple scenario, they should let the dad know they will sell the house, then use that money to get him in a small apt to live the rest of his life in. No gift tax issues or other problems/ all the money left after the sale can be used to pay for his housing, its a win win.

@levigoldson 5 лет назад

Except he doesn't want that and the terms of the arrangement they made with the original transfer of the property make it impossible for them to sell it without him allowing it. That's what this call was all about, lol.

@pessimisticoptimist2329 4 года назад

My parents better have their stuff together. All this is way over my head

@AmericanCEI 8 лет назад

Dave's advice in this particular situation is 100% correct.But I would like to know Dave's stance on the reverse mortgage product.

@TheRamseyShow 8 лет назад

+Michael Banner ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SY4jRSKSYI0.html

@davidlane8811 8 лет назад

Wait...! Did you just answer his comment with link to a video that is the original video he originally commented on?

@AmericanCEI 8 лет назад

I did not intend too... lol

@psychedelicybin 5 лет назад

Only 2 options: participate in madness or have conflict. I find myself in this situation currently and it is a difficult decision to make unfortunately, especially with people who are near the end of their life in their mid 70s :(

@MsBiggles51 Год назад

Mid 70s is near the end of their life? They could easily live another 20-30 years!

@LoriFoster 2 года назад

Yeah this sums up most people’s lives!

@yodaleiheehu3280 3 года назад

I convinced my parents to not get a reverse mortgage by showing them the type of houses they can buy in full cash vs never really owning anything.

@keepgrindingup7661 5 месяцев назад

The only people who have ever had positive things to say about reverse mortgages are those that are either selling them are people who have engaged in them and have just started the arrangement before things go horribly wrong

@Radnally 5 лет назад

Would magnum lie to you?

@5argetech56 6 лет назад

Don't do it Daddy don't do it. Magnum PI is not your friend.

@macnchessplz Месяц назад

Magnum PI is the reason my spouse considers it.Nope.I want to sell our property and be beholden to nothing but monthly rent and at the most a rent lease for a reasonable amount of time. I fear reverse mortgage would end up a nightmare and we don’t need another.

@samanthasmiles9112 4 года назад

Sell the house, refund yourself every penny that you father has cost you (including the gift tax), whatever is left over, hand it to him in the form of rent or a small condo. I am assuming half of the home belongs to your Mom as well, so she should recieve half of the funds and your Dad should get the other half. That's what I would do.

@johnadams3418 5 лет назад

It's pretty simple. Tell him that you think it is folly for him to keep this property that he clearly can't afford by taking at a reverse mortgage that he clearly cannot pay back since if he could, he would not need the reverse mortgage in the first place. It also makes him immoral if he thinks he'll just die with nothing and doesn't actually plan to pay it all back. To that end, if he goes that route all financial aid from you is cut off. Also, if the property was improperly gifted as Dave mentions and you will incur a cost to sign it over, tell him you will not unless he covers the cost to you.

@DrogoBaggins987 8 лет назад

I would walk away.

@Jo71603 6 лет назад

Me too!

@Mexicobeanpole 3 года назад

Wow.

@shadowsearcy 6 лет назад

"Dad, you are 73 and your life is over. We are selling the house in order to pay off all of the liabilities which you have created. We will take the proceeds left, after taxes, and move you into a condo or an apartment, as opposed to a nursing home. Dismiss your attorney; its our names on the house, not yours so, in effect, it our house. We are going to pay the property taxes and repair the house before selling it and we will reimburse ourselves those expenses." Reverse mortgages are banks' methods of legally getting people to sell a $100,000 for $60,0000. The only people who think reverse mortgages are a good idea are the banks who make those loans!

@BW022 5 лет назад

You are assuming that the 73 year-old isn't suffering from the onset of dementia, altimerizers, memory loss, general embitterment, etc. You'd be amazed the crazy things elderly people do.

@jonesjones7057 4 года назад

Tom Selleck sure loves them. He pitches these scams every day 500 times on CNBC commercials.

@markharris2912 2 года назад

In other words, you want to trample and disrespect the father's wishes for his own home. How would you like it if your family put you out of your home? And popped you into a nice retirement home? Your daughter: "Here you go Pop, have a living nightmare to finish out your days". It's convenient. Well maybe a reverse mortgage can be even more convenient. It is a ripoff with the fees, interest rates and foreclosures, but Pop should make the call.

@KTSpeedruns 6 лет назад

That dad is a colossal money waster.

@markharris2912 2 года назад

It might be a bad idea, but it's HIS home and property. Or would be if the daughters had integrity.

@chicharino11 Год назад

At the end of the day, it's his house. Let him do whatever he wants to do.

@MrPatrick1414 6 лет назад

We have an ad here saying with a reverse mortgage you still own your home...except you can't sell it....so... you don't really own it then?

@jeffstanley4593 5 лет назад

You do not own it under any circumstances. Even if you are mortgage free, stop paying taxes and you will find out the true owner.

@wes846 4 года назад

you can sell it whenever you want with a reverse mortgage

@vernshein5430 4 года назад

Sounds like Dave is only hearing one side of this story.

@geraldstephens6612 4 года назад

This happens all the time, unfortunately. Reverse mortgage & other mortgage companies take advantage of such people. Be very , very, very careful.

@samanthasmiles9112 4 года назад

Well, that's very obvious. He only recieves one side of the story. All he can do is give the best advice with the facts at hand. Otherwise he would respond to every single caller with "I'm sorry, this is only one side of the story. I cant give any advice since both parties are not present. Have a good day." His show would be cancelled, if he did that. Instead he hopes people are honest and he gives people the best advice he can with the information they are choosing to provide him. They are adults and can do whatever they want. If they choose to lie, it impacts no one except the individuals calling.

@miketheyunggod2534 3 года назад

That’s almost always the case. That’s why his advice is sometimes suspect.

@miketheyunggod2534 3 года назад

Reverse mortgages are great if you don’t have anyone to give your house to or no longer need it.

@1981lashlarue 8 месяцев назад

There's always a charity or someone to leave it to. Also, a significant number of reverse mortgages still fail (around 20% or so). What happens if you get sick and have to move? Then, that mortgage would become due and you're really in a pickle. Mortgages and debts always create risk and and to pretend otherwise is wrong and foolish. If you're truly that destitute for cash, you'd be better off downsizing your house or even taking in a boarder before doing something like that.

@califdad4 4 года назад

if you cannot afford or keep up your house , sell it and move to something much smaller

@kevinoverholtzer3126 6 лет назад

he does not want to move. He needs to sell the house and take the equity for himself and they need to know they have no inheritance coming.

@WatNeyHD 6 лет назад

kevin overholtzer He can't. It's not his house now.

@donaldrichey3318 2 года назад

At 73 he is too young to have financial problems. It’s time for him to grow up.

@billyrayband 4 года назад

How much is the mortgage??? You didn't even ask!!!! Probably best to evict him, sell it, and give him whatever proceeds you get after you pay capital gains taxes and penalties.

@brianthomas3451 Год назад

Dad is paying for attorney fees for divorce. The attorney is used in this communication with daughters because other communication can be used against him in divorce proceedings. Family law is crooked

@stennishampton6534 5 лет назад

My gut feeling is the female caller distorted what had actually happened. Her story just doesn't jive with me. The Dad goes from supposedly happily signing over his house to now getting a Lawyer to communicate with his kids about the house. We are missing IMO a lot of information. Sadly old people are targets of scams, my guess is, it is a reason why he has a Lawyer trying to resolve this issue.

@geraldstephens6612 4 года назад

Might be a good idea to check out that lawyer.

@bobdees6428 11 месяцев назад

stennishampton6 , I couldn’t agree with you more she is leaving out a ton of information. I was asked several times by my F.I.L. to be in charge of his estate ( executor ) when he told me his desires - where he wanted his money to go. I had major reservations and I knew his family was going to be up in arms , long story short I told him I couldn’t. He stated without someone being in charge his estate would be gone in less than 5 years. He was amazingly accurate , the family lost everything

@jefferyniccum163 Год назад

Horrible advice. The reverse mortgage is the best solution!! I am a CPA and a licensed LO. She should deed the home back. No gift tax unless the home is worth $millions!! He can then leave the house to his daughters as heirs. A reverse mortgage is a NON-RECOURSE loan. When he dies or moves out or sells, the LESSER of what's owed or 95% of the appraised value. Shame on you Mr. Ramsey!

@beckyshell4649 8 лет назад

What a tangled mess. If they give back they pay 30,000 in gift tax , If they sell they owe capital gains and make Dad mad and he has no place to live . I think I would pay his property tax and upkeep on the house let him live there for life then when he died sell house and take property taxes out of total and divide assets with sister.

@marycarricaburu3683 7 лет назад

You are correct, now that they are in this mess. I almost got involved in the same thing. Now I wouldn't have touched that house with a 10 foot pole.

@johnsprystaff9605 6 лет назад

Exactly. I mean 2 sisters paying tax/helping to pay (get the dad involved on a budget) 4000 grand a year in taxes.. they said they are in no position to help... but that’s like 135-145 bucks a month for each sister to pay... with budgeting and (I am assuming the follows Dave’s life advise if they are calling in) they should be able to at least juggle this around and do the right thing

@alexruiz2160 5 лет назад

Any how we don't even know whose gonna die first .

@ceciliapreziose3783 5 месяцев назад

gie him back the house, wash your hands of it

@Jithu_VA 2 года назад

Becoming a millionaire is just a goal but doesn’t guarantee any happiness . The more you make money the more worried you are to keep that money or grow it . Happiness is something you appreciate and enjoy everything life throws at you .

@gigi8528 7 лет назад

Seems like we all are born into a world where we will have to worry about money/finances until we die🙄

@dayquiri1 7 лет назад

Yup and before that we were worrying about hunting enough food and finding shelter to not be eaten as prey, I prefer worrying about money than my life.

@gsquared2394 4 года назад

Uh...yeah. Its called being an adult, or as millennials call it “adulting”. If you have any discipline, it’s NOT that hard.

@dknowz 7 лет назад

Dave's advise is correct in that she should seek the advice of a professional but it's incorrect in that the reverse mortgage is madness. First of all dad is 73 and not in good health. Dad has worked his whole life to get to where he is and it sounds like his only asset is the house that he originally deeded to his kids. If they haven't paid the taxes on it then money is obviously tight and the reverse mortgage may be dads best chance to live his final years with some dignity. Who knows though? Maybe the house is worth 180k and he doesn't have enough equity for a reverse mortgage.

@KH-3414 Год назад

They should help him because they will get the house in the end

@HangNguyen-ih8rf 3 года назад

Hm.... I remember paying for my parents utilities, and health insurance even AFTER I moved out ( I’m not rich I was living pay check to pay check). If I was in this caller situation I would sell the house and let them live with me for free. That 180k will be their safety net (for medical & whatever old people need to live comfortably). Just me tho 🤷‍♀️

@Mexicobeanpole 3 года назад

Agree.

@aldof.2966 Год назад

Selfish Dad, selfish!

@erich84502ify 2 года назад

Your children kids need to be responsible after the parents death. They have to be fast on their feet

@joycewhitmire5527 3 года назад

I think its a scam

@Phoenix11720 7 лет назад

these kids are being stingy, if he gave the house to them. they can pay the taxes

@dandahl5964 5 лет назад

Agree. They own the house.

@jbr1952 3 года назад

Why is he being billed for taxes if the girls own the house?

@greenearthblueskies8556 3 года назад

🤔... that was part of the transfer agreement....I believe...that’s what she said

@CategoricalImperative 8 лет назад

He probably spent his whole life paying into that home, he wants to access the equity in his home. The father is stressed and loves his home.... Let him relieve that stress! What is more important... You father living a longer and stress free life and being happy..... Or you getting a few grand extra out of his home when he dies? This seems selfish to me. Let the man get a reverse mortgage! It's HIS equity.

@reedlarsen5441 7 лет назад

Will Ward there are estate planning and gift tax considerations. I think they would prefer to give the house back to him, but it's not as easy as just deeding it back to him.

@wmurray003 7 лет назад

She doesn't want him to do it because he will be back in more debt a the age of 70+ while in bad health. You do the math.

@Mary-zj9jz 6 лет назад

Reverse mortgages can be foreclosed on.

@michaelmarquez6133 6 лет назад

Musa I of Mali it's his house, he should have never trust his kids, we all know it's not smart but this poor guy is too old to do anything and they should pay the taxes if there trying to keep the house

@KTSpeedruns 6 лет назад

He signed it over. No matter how much he poured into it, it’s not his house. Fair is fair.

@fayem5075 7 лет назад

Dad is 100% correct. It's his house and he has a right to use the equity to live on and have a roof over his house until he dies. He can always leave to them after he dies. Who will pay for the condo?

@jamesgalan7606 7 лет назад

Faye McManus, He can't leave it to them after he dies if he gets a reversed mortgage. That's the conflict here.

@VickieHall 7 лет назад

That's not true. With a reverse mortgage, just like any mortgage, the home still belongs to the owner - NOT the bank.

@marycarricaburu3683 7 лет назад

This is what happens when people try to get away with something. It isn't "his" house, he gave it to them. It is their house. That is what Dave was talking about in the gift taxes, etc. If the IRS caught them giving him a house worth say $200,000.00 they want gift tax paid to them on the worth of the house. If they aren't 62 and living in the house they can't get a reverse mortgage. Reverse Mortgages are horrible anyway. If you look them up, the fees, interest rates, etc. are awful. We have known too many people, when they die, the mortgage company basically takes the house and you almost get nothing. Remember, they are loaning you money with the house as collateral. When you die, they want their money back, plus a s##t load of fees.

@marycarricaburu3683 7 лет назад

Sort of true. You are taking out a loan using the house as collateral. When you die, they want their money back plus interest and a s##t load of fees. Banks are not charity organizations, if they didn't make money no bank would be involved in these loans. If they pay you more than the house is worth, maybe because of a downturn in the economy, the heirs get nothing.

@fayem5075 7 лет назад

They didn't pay anything for their Dad's house. For all you know if may have just done a due upon death deed of beneficiary deed. What gift tax is he talking about?

@jimwarns7801 4 года назад

There are any number of reasons why a reverse mortgage may not be the right thing for "dad", but unfortunately Dave touches on none of them. His referring to a reverse mortgage out-of-hand as "madness" is a reflection of his ignorance of the program which, given his position as an advisor, is very sad.

@milomilano7679 3 года назад

I agree. I understand how reverse mortgages would curdle Dave’s mind but they can be a good move for some people.

@markharris2912 2 года назад

Dave has explained "The Madness" as exhorbitant fees and interest rates combined with a real possibility that they will evict you over a contract violation.

@Iggy1008 6 лет назад

Why don't those ladies pay him rent! They're living off a 70 year old man for crying out loud. This is why I unsubscribed to the Dave Ramsey show. Because all I see is Americans living off of others and Dave Ramsey supporting them. I come from a background where my mom and dad raised me and now I'm independent. I help THEM and don't LIVE with them.

@amandadsouza3767 6 лет назад

ignacio flores listen to the video again. No where does it say either her, or her sister live with the dad. He missed a years worth of taxes on the property, which he gave over the deed to the sisters as a technicality for when he passes. If he can't afford the taxes, then how will he afford payments on a reverse mortgage? The house could be foreclosed on if he fails to make the payments. The daughters have their own family and houses to pay for. Not everyone can take over their parents bills. Sometimes you have to step in and save your family member from themselves. He is not in good health and can't make ends meet, so how would extra bills help him?

@erich84502b 3 года назад

Once you hit the ceiling limit and spend it all, you might not be able to borrow more. When you cant pay any of your bills, thats the ending point. Loan will go into default