Reverse mortgage ???

[Dot]

Who has done this and what are the pros and cons?... Have asked 4 people and the score so far is 3 NO and 1 YES

[Greynomad]

Dottie,
It depends on how long you plan to live.
If you take out a reverse mortgage while you still expect to live 25 years or more, you might just be able to pay it off.
Remember, interest rates are rising, and you could rapidly find you owe more than your house is worth.
If you kark it within 10 years or so your equity in your house will mainly go to the lender, leaving virtually nothing in your estate.
If you have no-one to leave your estate to, then go for it.
Otherwise I wouldn’t touch it with a barge pole.

[T1 Terry]

Agree with Ray. The whole thing balances on your wishes to pass on anything to anyone still above ground, or you don't care if the lender gets it all ..... The catch is, if one partner dies and the other lasts an additional 10 yrs or more, they may get kicked out of the house that was their home in the last few yrs of their life.
The other issue is using your house as collateral for the fees required to entry the nursing home of your choice, if the title now belongs to a bank until you repay all the $$, your assets might not be worth enough to cover the bond or what ever to get your nursing home residence that you wanted.

T1 Terry

[Dot]

Thanks guys majority wins for a resounding NO. Seen the ads on tv, ad in papers, makes it look interesting by the actors faces.

[Greynomad]

…
Seen the ads on tv, ad in papers, makes it look interesting by the actors faces.

Dottie,

I think that is the express purpose of advertising… at least it was when I was in the business.

These days some ads seem to be an ego trip for the agency, using the client's money… very little persuasion to buy a product, just arty-farty images.

eg. The Hyundai(?) "Going the Distance" ad. I dunno how the actors (particularly the driver) kept a straight face during filming…

[T1 Terry]

…
Seen the ads on tv, ad in papers, makes it look interesting by the actors faces.

Dottie,

I think that is the express purpose of advertising… at least it was when I was in the business.

These days some ads seem to be an ego trip for the agency, using the client's money… very little persuasion to buy a product, just arty-farty images.

eg. The Hyundai(?) "Going the Distance" ad. I dunno how the actors (particularly the driver) kept a straight face during filming…

The Nissan N range ad just gets under my skin ..... it says nothing about the features of the vehicle at all ......

For those in SA, ya gotta love the "Go a Moes" The Moes one, the pasty white no body hair dude in the fluro pink speedos has the low voice and the gorilla hair chested bloke has the high voice .... laughing just thinking about it https://www.youtube.com/watch?v=Kt5zcd2t5KI&t=8s you need to click at the start of the red bar to see the whole ad ....

and the Happy Wash https://www.youtube.com/watch?v=b1NJ9JzuRJI the tailpipes singing

T1 Terry