Rantings and tirades of a frustrated economist.
The only woman I know (of) who has a reverse mortgage who has a complete b***h of a daughter who treats her like crap and hates her.When she signed up for the reverse mortgage her daughter noticed the woman living a better quality of life and commented "you're not spending my inheritance are you?"I understand that, assuming the lady lives to the average life expectancy the house will be over 90% owned by the bank... and it was worth $750k when the woman signed up!Reverse Mortgages - not just for financial losers, also for spiteful old people too!
you're not considering that 50% of americans are losers. about 50% of all americans have less than $3,000 in savings. once people get past 35, they should realize that at some point, they will not be able to work, their medical costs will increase and they should start saving for it just like they do when planning to buy a house; but they don't; so all those with no savings and grey hair are losers imo.(i'm leaving todays dependent society out as a seperate argument, as to not plan for your life may be related to taday's dependet class; it's still failure to plan. poeople plan to buy gas and food every month, not planning for when youre too old to work is being a loser imo.)
Hard to argue with most of that post. Where it falls down is when the author berates the lack of an inheritance from the boomers. Who the fuck said anyone is entitled to an inheritance?If you're going to beat your chest about responsibility then don't whine about not being left something from those out in front.Now wipe the snot away and show the world how wonderful you think you are!
"not planning for when youre too old to work is being a loser imo.)"The Smith & Wesson retirement plan.
Thanks for the link, Cap.I'd agree with doing a reverse mortgage out of spite. Like Eastwood in "Gran Torino." If you've done the best you can and your kids are POS's, then a reverse mortgage is a safe and effective financial tool for you! I can hear Fred Thompson saying it now.The point about there being no inheritance is not out of a whining expectation. It just says a lot about the Boomers. Passing generational wealth on to your children used to be something people would aspire to. People used to want to leave the world a better place for their children. The Boomers clearly don't care at all, both in the nation they will leave behind, and in their own personal finances.I believe Reagan signed the bill into law allowing reverse mortgages. So it was started for the WWII generation. It makes sense for people who own their homes free and clear and need a little extra money month to month. The Boomers are taking it to a whole new level, using reverse mortgages to pay off or just reduce their existing mortgage. They are a bankrupt generation in every way.
Reverse mortgage is just another good example why elites support the new order.They simply accumulate assets of the lower classes who have just lost it by happily employing dysfunction.
Anonymous 6:47am - the generation doing this mostly got an inheritance from their parents, so the boomers effectively took a leftover surplus (s house or money left to children) and turned it into no surplus (maybe a bit of money).If the proof of a job well done is leaving things better than you found them, then the boomers have failed.
The only woman I know (of) who has a reverse mortgage who has a complete b***h of a daughter who treats her like crap and hates her.With a daughter like that, sounds like the right idea to me.. Though if she raised her that way it's her own fault..
another one from UK: the current buzzword is Benefits Street - if you dont get that, its a street where the majority of people live on benefits, mostly single mothers, and lazy asian immigrants, products of failed multiculturalism
If I had no heirs I'd consider one. In that case, no sense letting it default to the state who would just squander it, when I could live it up instead.
Our real inheritance from the Boomers is massive unfunded liabilities in the form of Social Insecurity, government employee pensions, Medicare, and Medicaid. (These dwarf the official national debt.) Basically they voted themselves massive goodies as they age and spent any money that was supposed to be put away years ago.
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