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Reverse mortgages are a really, really bad idea

By golfplan18   Follow   Fri, 6 Jul 2012, 7:11am   1,387 views   16 comments
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http://ochousingnews.com/news/reverse-mortgages-are-a-really-really-bad-idea

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1. golfplan18 Follow Befriend (2) 515 threads 114 comments Irvine, CA

   1   7:11am Fri 6 Jul 2012   Share   Quote   Permalink   Like   Dislike

2. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

   2   7:23am Fri 6 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   Nonsense. Paying interest is the ticket to wealth an prosperity! As a patriotic American, you should know that. Why do you hate America? What are you, some kind of socialist like Obama?

3. lisalisa Follow Befriend 1 threads 79 comments New Lenox, IL

   3   9:51am Fri 6 Jul 2012   Share   Quote   Permalink   Like (3)   Dislike   shes actially holding a knife behind him. :-o

4. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

   4   11:04am Fri 6 Jul 2012   Share   Quote   Permalink   Like   Dislike   If I were dictator, reverse mortgages would be outlawed, punishable by death to anyone willing to give another loan like this.

5. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

   5   12:05pm Fri 6 Jul 2012   Share   Quote   Permalink   Like   Dislike   wait are you sure its a knife and not holding his bawlz in tight grip?

6. jvolstad Follow Befriend (4) 988 threads 1,120 comments San Antonio, TX jvolstad's website

   6   3:31pm Fri 6 Jul 2012   Share   Quote   Permalink   Like   Dislike   Think I saw that guy at Starbucks this morning, eyeballing the young girls. Oh wait, that was me. :-)))

7. JodyChunder Follow Befriend (3) 16 threads 1,358 comments Victorville, CA Premium

   7   9:17pm Fri 6 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   jvolstad says Think I saw that guy at Starbucks this morning, eyeballing the young girls. Oh wait, that was me. :-))) You got a slimy side to you don't you bub ?

8. Oxygen Follow Befriend 14 threads 157 comments Brooklyn, NY

   8   11:26pm Fri 6 Jul 2012   Share   Quote   Permalink   Like   Dislike   might be a simple question but if most homes are underwater, and there is no real equity to tap into, how are the other banks that are still in the Reverse Mortgage game profiting? i assume they charge outrageous fees and then sell the secured loan?

9. Mikhail Follow Befriend 1 threads 25 comments

   9   11:41am Sat 7 Jul 2012   Share   Quote   Permalink   Like   Dislike   I agree that reverse mortgages are a really bad idea - for the banks who lend the money. Given my belief that the housing bust has barely even begun, and that US house prices will decline another 60% to 80% by 2020 it is the banks who will be screaming when their reverse mortgages wind up being under water. Unfortunately, those same banks will be asking tax payers for bail outs as these new losses threaten to throw them out of business.

10. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    10   2:30pm Sat 7 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Mikhail says Given my belief that the housing bust has barely even begun, and that US house prices will decline another 60% to 80% Anything is possible. But why do you think prices will decline by that much? http://www.multpl.com/case-shiller-home-price-index-inflation-adjusted/ It looks like we might have another leg down nationally to get back to the postwar average. But a 60-80% decline? That seems very unlikely. I'm a young guy who wants to buy a house. I'm not that lucky!

11. CaptainShuddup Follow Befriend (1) 246 threads 4,655 comments

    11   4:25pm Sat 7 Jul 2012   Share   Quote   Permalink   Like   Dislike (1)   The first time I saw a commercial for those, and there wasn't as much as a murmur about it, was the day I marked the calendar as the decline of Civilization.

12. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 168 threads 4,146 comments Premium

    12   5:16pm Sat 7 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   MORTGAGES in any shape or form are a crime against humanity. You got the cash to buy it, you buy a house. Otherwise, you stay the fuck away from banksters unless you need someplace to take a shit and want to tear their heads off and shit down the wet, bloody hole.

13. Mikhail Follow Befriend 1 threads 25 comments

    13   5:35pm Sat 7 Jul 2012   Share   Quote   Permalink   Like   Dislike   wthrfrk80 says Anything is possible. But why do you think prices will decline by that much? I don't know that anyone will be "lucky" if my prediction turns out to be correct. If we live through 10 or 15 more years of house price declines then anyone who buys will find themselves under water with slow water torture of dribbling devaluation. It basically means that buying a house will be a losing proposition for a decade or more to come. This is what's happened in Japan for over 20 years. They might have a year or two of bottoming or even a little appreciation, but then prices keep right on falling to a lower point than where they were before. My view of the real-estate price deflation is based on the fact that there are huge numbers of delinquent mortgages and non-performing debt that lenders haven't cleared from the books. This is a global problem, not just in the US (China has perhaps the biggest bubble in history). Here is an article that does a good job of outlining the hidden mess just in New York City, but the same thing is going on throughout the US. http://www.businessinsider.com/another-housing-collapse-is-coming-soon-2012-5

14. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 168 threads 4,146 comments Premium

    14   5:49pm Sat 7 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   Are you kidding? 10-15 years more of price declines. Total collapse after Romney orders aerial attacks on homeless encampments in N Texas, the Sierras, Vermont, S Dakota, Northern NY State, Connecticut in 2018 and former white power collaborators announce they believe they've been betrayed by a 'alien Mexican Mormon interloper' and send suicide bombers in single-engine Cessnas to crash into the temple in SLC. The PRC calls its notes the same year. USA declares bankruptcy and PRC Army arrives in Sacramento weeks later declaring California a colony of the Neosinoese Prosperity Sphere and beheading Gerry Brown on TV. Linda Ronstadt is mowed down by PRC Army marksmen trying to save former Gov Brown with a shoulder fired mortar launcher. New York and New England apply for membership in the Commonwealth Secretariate and secede from the USA, which has been declared a Mormon Revolutionary Republic by Plenipotentiary for Life Mitt Romney in 2013.

15. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    15   6:09pm Sat 7 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   APOCALYPSEFUCK is Shostakovich says New York and New England apply for membership in the Commonwealth Secretariate and secede from the USA, which has been declared a Mormon Revolutionary Republic by Plenipotentiary for Life Mitt Romney in 2013. So it looks like I'll be fine then. Just gotta keep those people from nearby Pennsylvania from coming across the border. We'll need a border wall!

16. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 168 threads 4,146 comments Premium

    16   6:22pm Sat 7 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Stand your ground! Fire at will!