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FIND YOUR DREAM HOME OR APARTMENT

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24Comments
Mar 2, 2013 8:00AM
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This is one of the worst articles ever written.  Reverse mortgages, ARM loans, etc are some of the worst things you can possibly do.  ARM loans are one of the main reasons we had this housing and economic crisis in the first place and now MSN is recommending doing it all over again?  Wow.
Mar 2, 2013 5:44AM
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This is just another Ponzi scheme design by the banks to get the last bit of wealth you may have . Warning stay away !

Mar 2, 2013 4:37AM
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Took out an equity loan after the house was paid, economy tanked and now regret it. (job loss). You can't just rent out a room unless you have the proper zoning.  I think apartment living may be the future, no tax increases, no lawn , no new roof etc, etc.  and most of all, no interest.  Find the cheapest apartment you can find and save like crazy.  That's the conclusion I have come to.

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar 2, 2013 2:21AM
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The govt.is the PROBLEM,  not the SOLUTION.
Mar 31, 2012 2:10AM
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Gee how quickly we forget. Isn't this what got fools in trouble in the first place. Using your home as a ATM. live within your means people it's not that hard. Really. 
Jan 16, 2012 8:16AM
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Both my wife and I are semi retired and do not have children and our home is free and clear. We have been discussing a home equity line of credit. One of our local banks is offering a 3% line with no closing costs  up to a maximum 85% loan to of appraised value with no early pay off penalty.

Due to the fact we have no children and would have no problem wit the small monthly payment we are seriously thinking of opening up a line of credit to use for future enjoyments, mainly travel.

Because it would be an open line of credit interest is only charged if and when we tap into it. Also as we repay on principal the amount would be added back into the amount available to us. 

Any loan amount remaining at the end of 10 years could be paid off or rolled over into a fixed term loan.

The line we are thinking of would less than 40% of the appraised value of our home.

So many times I've seen parents who have a home that is free and clear figure on leaving their home to their kids when they pass. Their kids have their own lives, live in another area or state and wind up with the burden of selling an empty home. Now the taxes, upkeep,insurance and utilites must be paid whille the home is on the market. Which in a down market can take a long time and wind up being a big expense.

 

May 20, 2011 4:32AM
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Some really bad advice in this "article". MSN should be ashamed to have this on their website. I agree with others saying its obvious BoA is behind this schlock. Most of the "advice" just tells people how to go further into debt...something you should not want especially late in life.
May 19, 2011 7:14AM
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I couldn't agree more "never ceased".  I realize I'm asking for the slings and arrows here but I'm a Reverse Mortgage Loan Officer.  One of the things I do is make sure that my clients go into the transaction with eyes wide open.  If you're concerned with what you're going to leave for the kids, don't do this.  If on the other hand the kids are doing well on their own and this is going to make your retirement years more comfortable, recognizing all the RESPONSIBILITIES that YOU have, then this may make sense for you.  FYI, B of A is no longer doing reverse mortgages anyway.
May 19, 2011 6:54AM
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I read these post and realize most of you have no idea what your talking about. Selling your house and buy something more affordable? Take out a loan that increase my exposure and raises my payment only to use the money to help pay the payment? Arms and Reverse mortgages are rip offs?  How about a little personal responsibility? Where to begin? First off if someone cannot afford their current payment, who do you think is going to lend them more money? Financial vitality is easily measured thru a review of personal financial. Where is it written that the banks interest needs to align with your interest? Bank serve one entity, their shareholders. Whom are served by healthy returns. Banks offer products either use  them or don't. Arms are extremely useful loan products in capable hands.(just like guns don't kill people; People kill people theory here). I love people who spout American ideals, yet have no understanding of the capitalist market place. Instead of crying about misperceived injustices, how about taking personal responsibility for your choices and dealing with results. You trusted your fund manager, mortgage guy, stock broker... fill in the blank and he let me down. The main difference between individuals that have been hit and are surviving this economic tsunami and those who were enveloped is restraint and personal responsibility. When you and your spouse makes 80k per year don't go out and buy a 300k or better house. Make sure if you loose your job your income is replaceable with another or don't indebt yourself beyond that point. This is not brain surgery but it takes a measure of restraint that American seem unable to demonstrate in modern society. Here endth the rant!
May 19, 2011 6:35AM
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I knew about half of these, and wouldn't recommend the other half.
May 19, 2011 5:52AM
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Instead of getting a reverse mortgage people should consider selling their homes and moving to an affordable apartment or with family. Banks are still making a killing with our money. They give you what they want for your home. My advice don't do it. sell your house and enjoy the money.
May 19, 2011 5:34AM
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I was one of the ones that got a reverse mortage and boy do I regret it.
May 19, 2011 5:17AM
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Bank of America, don't you mean b*stards/backstabbers of America? They bought out Country Wide, what a joke. Pretty sad that the government is bailing out the banks for the unrecoverable loss on foreclosures and short sales, but do nothing for the people that are truly trying to make their house payments, modify their loans, and trying to stay in their homes that are totally upside down in them, becuase of ARM loans which started this whole mess in the first place. THE GOVERNMENT (Obama) NEEDS TO PULL THEIR HEADS OUT OF THEIR @SSESS. Holy crap, I didn't vote for him ,but at least Clinton had us out of debt.

May 19, 2011 4:48AM
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Lets check with Dave Ramsey and see what he says!   Sell the home is the first choice if you need money that bad.
May 19, 2011 4:40AM
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These ideas are all good about freeing up extra cash in your home. But in reallity only 1 works.  Probably refinance to 15yrs. take 30% equity in cash, then stay there for the 15 yrs. All others are just  make believe.
May 19, 2011 4:32AM
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What a stupid article.  Doesn't the B of A know how many houses are underwater and have NO equity?  And how, with my retirement income, will I see any financial benefit of a huge solar installation?  Really, B of A, get a life!
May 19, 2011 4:24AM
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Article suks...the title does not represent the info in the article. Is says w/o selling your home. Three out of the 9 topics talk about selling your home.

C'mon... you guys/gals cn do better than this!

May 19, 2011 3:49AM
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This is a horrible article.  Reverse mortgages and ARM's are scams.  An Arm is what got most of the foreclosure mess started.  Glad to know that Obama's finance reforms have changed nothing (whats to be expected when they are his biggest donors).

Everyone get out of debt now, listen to Dave Ramsey, if you are out of debt the politicians who are screwing us (on both sides) can't effect you as much.
May 19, 2011 3:39AM
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  1. Jobs relocation (back to USA) - if not - impose an import tax (VAT)
  2. Military relocation (back to USA) and downsize
  3. To start, Boston to D.C., convert all public transportation vehicles to compressed natural gas to tap into the Marcellus Shale gas resources.  Private commercial vehicles will follow, then individual owners.  Half a barrel of imported crude goes to the heavy transportation industry.  The added infrastructure required will create good paying jobs and boost the economy.
  4. Reduce deficit - a debtor nation is NOT an option
  5. To accomplish #1 - #4 (above), prepare to vote in 2012 for the person who truly understands how to turn our country around. 

PS:  I've been unemployed for 5 months and I have three degrees and 27 years of work experience.  I've not yet had a poor person offer me a job.  Get it?

May 19, 2011 3:37AM
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Getting a mortgage is based on FIXED ( salary, social security, etc) income ONLY.  I am aware of several people with total assets in excess of $3 million with $1million in equities that were refused loans of $100,000 because their SS did not cover the monthly payments.  The politicians need to fix this if the every want to get out of the house crisis.

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