OT- in danger of losing home

Discussion in 'Fibromyalgia Main Forum' started by Adl123, Jul 14, 2006.

  1. Adl123

    Adl123 New Member

    Hello All,
    I don't know if anyone else has come to this point, as so many of you are young. But, I have found myself, because of these DD's, and not being able to work, having to look into a reverse mortgage, just for living expenses.

    I have been researching them, and speaking to friends. Some have told me of horror stories linked to reverse mortages, but they are eldeerly, and cannot remember the specifics. They can only remember that they were bad enough so that they didn't get the reverse mortgages.

    Does anyone know of such a case, or even of a successful case? I have looked and looked, and can't find anthng. I want to be prepared, and I don't want to lose my house.


    Thanks, in advance,
    Terry
    [This Message was Edited on 07/14/2006]
    [This Message was Edited on 07/14/2006]
    [This Message was Edited on 07/14/2006]
  2. Adl123

    Adl123 New Member

  3. mrdad

    mrdad New Member


    I replied to one of your Posts last week. I'm the one who
    is also a native San franciscan and also lived in Chico
    for 13 years.


    Concerning reverse mortgages, I suggest that you contact
    AARP as I believe they can provide some guidelines that
    expose the "pros" and "cons" involved. If you are in a
    financial bind, you could poss. consider a"line of credit"
    based on your equity in your house. Much info. would be
    available on line. Best wishes,
    MRDAD






  4. suzetal

    suzetal New Member

    My parents due to alot of medical bills did a reverse mortgage.

    When they passed away the only way a family member could get the house was by paying back the amount that they had gotten for the reverse mortgage.

    That was as far as I know the only thing.

    None of us could afford to pay it so the home went up for sale.The mortgage was paid back .After that there was only about 1200.00 left.But at least my parents were able to survive and keep there home that they had lived in all there married lives.And not have to worry about all there medical bills .

    Sue
  5. Angelimbo

    Angelimbo New Member

    Terry, I don't know anything about reverse mortgages except the few things I have read or heard just lately....and they were not good.

    The suggestion to contact AARP is a really good one, I think.

    Have you filed for, or are you on, disability? Or just SS Retirement? If you have posted about this, and I missed it, I apologize.

    Are you alone? What about family?

    It sounds like your income is at or near poverty level. Have you applied for SSI, and other kinds of assistance, like help with meds, food stamps, etc.

    When I was going through the SSDI process, I nearly lost my home, as well. If it had not been for the miraculously fast decision on my SSDI, and, during the wait, the help of food stamps, meds assistance, and help from several social service agencies like churches, who helped with utilities several times, and meals on wheels.....I would not have made it.

    I feel for you so much, and I want to help in any way I can, even if only to listen and make some suggestions.

    You are in my prayers!

    Angela
  6. Adl123

    Adl123 New Member

    for your responses. I really appreciate your good thoughts and advice.

    I have contacted the better business bureau, the comsumer action people and various other groups.

    So far, the only negative things I can see are the possiblity of losing some monies that would come from the government. However, I have a small pension from teachng and I don't get Medicaid or SSI, or money from any federal agency.

    My heir is so well off financially, that my home would be a drop in the bucket. He is encouraging me to get a Reverse Morgage.

    I'll contact AARP and see what they have to say. All they had on their website were some links. Maybe I'll phone.

    Thaks, again,
    Terry
  7. Adl123

    Adl123 New Member

    for your responses. I really appreciate your good thoughts and advice.

    I have contacted the better business bureau, the comsumer action people and various other groups.

    So far, the only negative things I can see are the possiblity of losing some monies that would come from the government. However, I have a small pension from teachng and I don't get Medicaid or SSI, or money from any federal agency.

    My heir is so well off financially, that my home would be a drop in the bucket. He is encouraging me to get a Reverse Morgage.

    I'll contact AARP and see what they have to say. All they had on their website were some links. Maybe I'll phone.

    Dear Angelimbo, Can you tell me what you heard? Several people have said just what you said, but so far, no one has been able to give me any examples. Thanks.

    Thanks, again,
    Terry
  8. LostHearts

    LostHearts New Member

    Beware, beware, beware of predatory lenders. People like us in this situation are fodder for them. We have lost our home to these crooks.

    There are some great suggestions here. You need the advice of an attorney (and a good one is hard to find, believe me) as what the best step would be to save your home. Please do NOT do what we did. We declared bankruptcy (it was a better option before this hideous anti-consumer legislation was passed) and eventually gave up our home. BIG mistake; never relinquish your home; there are ways to save it but you must look long and hard for them.

    Whatever you do, hang on to your house. I wish we had. A good attorney versed in real estate, foreclosure and consumer affairs can make or break your situation.

    To this day I regret ever signing on with these corporate crooks, who gave us "equity" loans that ended up with them getting our house. Now we are involved in a lawsuit against them, but our home is gone. Words cannot describe the hurt.

    And please remember it is NOT your fault. The whole system works against those who are the weakest in our society. There are a lot of bad guys out there; please be careful.
  9. mrdad

    mrdad New Member

    It's just me again! Another suggestion is to make an

    appt. with a Certified Financial Planner. A Certified

    Planner is only selling you advise based on your present

    and long term needs, not investments. They will be more

    objective accessing your assets and liabilities and di-

    recting you toward a sound plan of action. The initial

    fee is well worth the cost!

    Say hello to all my friends in Butte Co.
    MRDAD
    [This Message was Edited on 07/15/2006]
  10. smiffy79

    smiffy79 New Member

    your a dog trainer too right?? it is you isnt it?

    what about a few hours a week as a behaviour counsellor and maybe work as a helper to the head trainer at a dog training school?

    you can get a few hours in - surely this will help?

    also larger rescue centres employ their own trainers who stay at the centre all day - maybe this could be an option? this would be the more tiring option as you cant determine your own hours but it would be something you love which would help some what.
  11. Adl123

    Adl123 New Member

    Wow! What good ideas!

    Mr Dad, thanks for the suggestions of the Certified Financial Planner. I can do that right away.

    Donnaeil, with a reverse mortgage, one keeps ownership of the home. The only way the lending cmpany can take it is if I don't pay my taxes and insurance, or if I let it go to pot. At least that is what I've been told. Do you have more for me on this"

    Smiffy - thanks for the good ides, but I'm so weak, that I can't work at all. Neither can I do the same thing two days in a row. When I leave the house, I need to rest the day before and the day after, and my endurance is only for about 15 minutes, in a normal activity. I do't think that any dog trainer would want me around. I can't even stand for 3 minutes. I wish I could.

    Thanks, to all, again,
    Terry
  12. zion1971

    zion1971 New Member

    sometimes we have to weigh our choices and choose actions that we dont like temporarily. my husband and i tried for 5 years to keep our house. in the end, it wasn't worth it. we recently surrendered it to our mortg. co. we are also in a bankruptcy. we now live in a much better house, better school districts, better neighborhoods than before. how i wish we had not wasted that time. remember family is more important that brick and mortar.
  13. mrdad

    mrdad New Member


    Yes! It's MRDAD a-a-a-a-gain!! I just looked up Certified Finan. Planners on the net and found one
    in Paradise right on the Skyway.

    ROBERT B. ANDERSON, CFP
    BRECEK AND YOUNG ADVISORS INC.
    7054 SKYWAY
    BOX 3400 PARADISE, CA 95967-3400

    (530) 877-4111

    Hope this will help!
    MRDAD (P.S.) Let me know
    if you see this, ok?
  14. findmind

    findmind New Member

    How hard is it for you to keep up your home? The labor and expenses can be so burdensome, I'm thinking of selling mine in next 2 years.

    I just finished watching Suze Orman..she is so funny, and so right on with her financial advice!

    You can email her website for advice. I think she might charge something, but it would be well worth it.

    Have you considered completely refinancing it to 80% of value? Then invest the money in Mutual Funds, or annuity for income? The income might make the new house payments!

    I take it you have income to pay for everyday expenses, food, etc. It is enuf to pay the taxes and ins.?

    If things are really, really tight, I'd sell and get a nice small place or even rent; the expenses to run it would be far less, and no taxes and insurance.

    I feel so badly for the people who get a serious chronic illness that is so under-recognized and hard to get disability for; lives are so hurt by this.

    I hope AARP or CFP or Suze Orman or CPA can help you!

    There's always hope!
    findmind
  15. smiffy79

    smiffy79 New Member

    thinking of youx
  16. Adl123

    Adl123 New Member

    Thank you all, again.

    Some of you seem to feel very strongly about reverse mortages. Does anyone have any specific examples of what can happen that is not good? I've got all kinds of paper work and ifnormation,so I know how they work,but no one , not even my friends or relative, has given me any specifics.

    Thanks,
    Terry
  17. mrdad

    mrdad New Member


    Did you see my last reply above concerning the CFP

    right there in Paradise on the Skyway?? The name,

    address and phone # are there. Hope this can be another

    helpful possibility.

    AARP does provide specific guidelines and information

    as I hear that recently on a media broadcast.

    Stay cool today. Sacra. will hit 101 today! Glad I'm

    back in S.F. again!!

    Have a great day,
    MRDAD
  18. mrdad

    mrdad New Member


    Bump for Terry