Most Gen Z have Gen X parents. They jumped a generation.
Millenials are typically the boomers children. There would be some exceptions on the outer ends - ie very young boomers and very old Gen Z.
Anyone Here With A Reverse Mortgage
- Thread starter walterjay
- Start date
Millenials are typically the boomers children. There would be some exceptions on the outer ends - ie very young boomers and very old Gen Z.
It's yahoo. Not much thought there
Gen Z better get to work!
Tripped on steps from mom's basement.
Millennial, here --- but my mom keeps getting concerned with what she's going to be leaving me. Definitely not "loaded" but she's comfortable for retirement.
I have to tell her to not worry about me. I'm in good shape. She might as well enjoy what she has if she can.
A reverse mortgage is a very misunderstood loan. Many on here do not understand it. Let's say your home is worth $400,000. The bank gives you $200,000. You die. Your heirs inherit the house. It is now worth $500,000. Your heirs payoff the reverse mortgage-they sell the house. They keep any additional equity the property many has accumulated. The reverse mortgage is another tool to use-especially if you own a home outright and you are trying to get by on a small retirement amount (Social Security, Pension, whatever) and would like more money.
Many think they are signing their house "over to the bank"-while it will have a lien on it (just like any other property loan) your heirs still have control.
Intensive research is needed before considering a reverse mortgage.
Many think they are signing their house "over to the bank"-while it will have a lien on it (just like any other property loan) your heirs still have control.
Intensive research is needed before considering a reverse mortgage.
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It may be hiring a lawyer would be less than the upfront costs (included in the loan) than getting a reverse mortgage.
The wife and I are gen x. Our gen z kids are married, living with their spouses, and have good jobs they got through merit. Yes, they will have some inheritance. But they are not lazing around waiting for that day.
One thing I'll mention is if you have assets, and care what happens to them if you were to die unexpectedly, make sure you have a Trust and Will in place. If there are beneficiaries for any type of accounts, make sure the beneficiary list reflects current wishes. If things have changed since that beneficiary application was filed, divorce, etc., the entity holding that asset WILL go by the original application, regardless of any later changes made in a Will or Trust.
One thing I'll mention is if you have assets, and care what happens to them if you were to die unexpectedly, make sure you have a Trust and Will in place. If there are beneficiaries for any type of accounts, make sure the beneficiary list reflects current wishes. If things have changed since that beneficiary application was filed, divorce, etc., the entity holding that asset WILL go by the original application, regardless of any later changes made in a Will or Trust.
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Correct. Gen X here. My adult-aged kids are Gen Z. They will likely inherit "something" A LONG TIME FROM NOW. I REFUSE TO DIE!
Big upside is no monthly mortgage payments and access to home equity, which can help a lot in retirement. Downside is the loan balance grows over time, so it eats into equity, and they still have to cover taxes, insurance, etc. Also not a great fit if they might move in a few years.
From what I’ve seen, it works best for people planning to stay long-term and who need extra cash flow.
More info reverse.mortgage/pros-cons
From what I’ve seen, it works best for people planning to stay long-term and who need extra cash flow.
More info reverse.mortgage/pros-cons
Reverse mortgage can make sense - the HUD HECM ones are legit.
Was the right call for my dad a few years back, and during much better interest rates, luckily.
Was the right call for my dad a few years back, and during much better interest rates, luckily.