Scarier than Betting the Horses......

Originally Posted by eurobounce

Bold--I about flipped when I heard of this 7 months ago. I never heard of it until then. I have been researching and talking with other people who know Reverse Mortgages and boy what a great idea. I pumped a good deal of money into this company (I own 27%) and I think it is going to be awesome. What is awesome is that HUD makes up any short-sells. It is a win win deal for everyone (accept for the people who stand to inherit the home). But screw them. I actually got my grandmother to do this so she wouldnt have to struggle from month to month. She took a lump some of $80k. She has $20k in her bank and then we got a CD for the other $60k. It really lessens the stress for older americans.

actually a better idea is to take out a mortgage or refinance, that way you do not sell your house while you are still living in it. the relatives get a chance to decide if they want to keep the house, and further, some may want to live where they grew up when the older person passes. reverse mortgages are by their very nature dangerous. they are ways to get people to commit to a sales price before the sales price of the surrounding homes are known. you could agree to a price in 2005 and in 2010 the price could have doubled due to inflation or a general increase in damand. not to mention the psycological effects of having title to your home all your life and then suddenly your are a defacto renter. bringing a stranger into partner with your grandparents in the title to the family home is not a good idea. get asecond mortgage instead, do not release the title or rights to the title of your home to anyone ever.

Originally Posted by Secretariat

actually a better idea is to take out a mortgage or refinance, that way you do not sell your house while you are still living in it. the relatives get a chance to decide if they want to keep the house, and further, some may want to live where they grew up when the older person passes. reverse mortgages are by their very nature dangerous. they are ways to get people to commit to a sales price before the sales price of the surrounding homes are known. you could agree to a price in 2005 and in 2010 the price could have doubled due to inflation or a general increase in damand. not to mention the psycological effects of having title to your home all your life and then suddenly your are a defacto renter. bringing a stranger into partner with your grandparents in the title to the family home is not a good idea. get asecond mortgage instead, do not release the title or rights to the title of your home to anyone ever.

I don't think you really understand the concept.
This is how it works.

http://money.cnn.com/magazines/money...3304/index.htm

Originally Posted by boldruler

I don't think you really understand the concept.
This is how it works.

http://money.cnn.com/magazines/money...3304/index.htm

Or go to this site.
http://www.seniorjobbank.org/rm/index1.html

[2MinsToPost]

i am a bitter man for this reason, and i should not be when it comes to my degree and aspirations in life. when i graduated high school my stepfather and i had a deal. i was allowed to live at home all thru college as long as i worked all thru college to help foot the bill for the tuition and books. upon graduation i would take over his columbus, ohio brake shop which services commercial vehicles, not to mention columbus fire dept (a huge contract). i would also inherit the business. well, i not only held on to my end of the bargain but more, by the time i graduated from college i was a store manager of a one million dollar a year, give or take hundred thousand, retail store (western auto). not to mention my tuition was paid in full. well, upon graduation , and not a month later, my stepfather tragically passed of a heart attack at the dinner table after his favorite meal. what really burns me is he did not take care of his end and he told me he did, you know in case he passed. not to mention he was still married, which we found out after the fact, to a woman whom my mother never knew about.

ok that is too much info. anyways, you bet your butt i will own my own business sometime. i started a painting business but some personal demons got in the way. i am back working retail, nice gig, but i will never be fully satisfied until i wake up in the morning and go to work for myself. i know the hours will be long, but my income will reflect how hard and dedicated i work.

then if i wanna take an afternoon off during the week and lay a couple bucks down on a race, hey ya know i can.

Originally Posted by 2MinsToPost

i am a bitter man for this reason, and i should not be when it comes to my degree and aspirations in life. when i graduated high school my stepfather and i had a deal. i was allowed to live at home all thru college as long as i worked all thru college to help foot the bill for the tuition and books. upon graduation i would take over his columbus, ohio brake shop which services commercial vehicles, not to mention columbus fire dept (a huge contract). i would also inherit the business. well, i not only held on to my end of the bargain but more, by the time i graduated from college i was a store manager of a one million dollar a year, give or take hundred thousand, retail store (western auto). not to mention my tuition was paid in full. well, upon graduation , and not a month later, my stepfather tragically passed of a heart attack at the dinner table after his favorite meal. what really burns me is he did not take care of his end and he told me he did, you know in case he passed. not to mention he was still married, which we found out after the fact, to a woman whom my mother never knew about.

ok that is too much info. anyways, you bet your butt i will own my own business sometime. i started a painting business but some personal demons got in the way. i am back working retail, nice gig, but i will never be fully satisfied until i wake up in the morning and go to work for myself. i know the hours will be long, but my income will reflect how hard and dedicated i work.

then if i wanna take an afternoon off during the week and lay a couple bucks down on a race, hey ya know i can.

I hope you are a disciplined gambler because owning your own business and gambling don't go well together unless you are disciplined. Good luck.

Originally Posted by 2MinsToPost

i am a bitter man for this reason, and i should not be when it comes to my degree and aspirations in life. when i graduated high school my stepfather and i had a deal. i was allowed to live at home all thru college as long as i worked all thru college to help foot the bill for the tuition and books. upon graduation i would take over his columbus, ohio brake shop which services commercial vehicles, not to mention columbus fire dept (a huge contract). i would also inherit the business. well, i not only held on to my end of the bargain but more, by the time i graduated from college i was a store manager of a one million dollar a year, give or take hundred thousand, retail store (western auto). not to mention my tuition was paid in full. well, upon graduation , and not a month later, my stepfather tragically passed of a heart attack at the dinner table after his favorite meal. what really burns me is he did not take care of his end and he told me he did, you know in case he passed. not to mention he was still married, which we found out after the fact, to a woman whom my mother never knew about.

ok that is too much info. anyways, you bet your butt i will own my own business sometime. i started a painting business but some personal demons got in the way. i am back working retail, nice gig, but i will never be fully satisfied until i wake up in the morning and go to work for myself. i know the hours will be long, but my income will reflect how hard and dedicated i work.

then if i wanna take an afternoon off during the week and lay a couple bucks down on a race, hey ya know i can.

Sad story man. I feel for you. Some advice. If you ever go into a partnership, make sure you are ALWAYS and I mean ALWAYS be the majority owner. Nothing wrong with getting investors, but always, and boy I cannot stress this enough, be the majority owner. Also do your homework on people who want to invest with you. Make sure to only invest with people who can afford to lose $250k and not worry about it. Join as many business clubs as possible, network network and boy NETWORK. Come up with an idea that hasnt been thought of around your city. Look at a up and coming city and see what they are missing that you like. Oh get a good attorney. I mean a really really good one. Dont let the hourly rate they charge you influence who you use. Amazing what the right attorney can get done. Good luck and dont be afraid to fail. You will fail more times than you succeed.

I was almost decided to invest in a cereal bar. Not too many of these in the midwest metropolitan cities

[timmgirvan]

Euro: Cereality?? I checked them out!

Originally Posted by timmgirvan

Euro: Cereality?? I checked them out!

Timm--what did you think of them? First thing that came to my mind was-WHY? But man, they are so successful.

[2MinsToPost]

man i network every day practically. i have a great relationship with some members of kiwanis, i still stay in touch with some of my professors who are small business owners, i have made friends with a couple local cats. one owns a pizza shop, one owns a golf club repair shop and the other owns a landscaping business. i would never go into a partnership though. me and only me in the beginning. i'll let my blood, sweat and tears dictate where it all leads in the beginning. thanks for the kind words and advice. i hope to meet ya at The Breeder's Cup or one of the Colts Games i am goin to this year.

yeah i know many a small business owner, especially construction type jobs, who spend WAY WAY TOO much time at the track. like clockwork. i would bet my thumb that sitting in the parking lot right now is a couple of em'.

Originally Posted by eurobounce

Sad story man. I feel for you. Some advice. If you ever go into a partnership, make sure you are ALWAYS and I mean ALWAYS be the majority owner. Nothing wrong with getting investors, but always, and boy I cannot stress this enough, be the majority owner. Also do your homework on people who want to invest with you. Make sure to only invest with people who can afford to lose $250k and not worry about it. Join as many business clubs as possible, network network and boy NETWORK. Come up with an idea that hasnt been thought of around your city. Look at a up and coming city and see what they are missing that you like. Oh get a good attorney. I mean a really really good one. Dont let the hourly rate they charge you influence who you use. Amazing what the right attorney can get done. Good luck and dont be afraid to fail. You will fail more times than you succeed.

I was almost decided to invest in a cereal bar. Not too many of these in the midwest metropolitan cities

Originally Posted by Secretariat

actually a better idea is to take out a mortgage or refinance, that way you do not sell your house while you are still living in it. the relatives get a chance to decide if they want to keep the house, and further, some may want to live where they grew up when the older person passes. reverse mortgages are by their very nature dangerous. they are ways to get people to commit to a sales price before the sales price of the surrounding homes are known. you could agree to a price in 2005 and in 2010 the price could have doubled due to inflation or a general increase in damand. not to mention the psycological effects of having title to your home all your life and then suddenly your are a defacto renter. bringing a stranger into partner with your grandparents in the title to the family home is not a good idea. get asecond mortgage instead, do not release the title or rights to the title of your home to anyone ever.

Well if you take out a mortgage or refinance then you have a monthly payment. With reverse mortgage you do not have a payment at all. This is the key to the entire thing. Reverse mortgage is the same as a refiance. But, the lender gets the money back from the sale of the home, any short sells HUD makes up and the title goes back to the family.