Posted on 10/18/2013 9:44:36 AM PDT by thetallguy24
Thank you!!!
Are these REAL constitutional amendment proposals, or the fake ones that are on most ballots?
You’re welcome, Dude!
Of course there are unscrupulous salesmen out there that will conceal the pitfalls of RM's that are not suitable for everyone in order to close the deal. But "buyer beware" is my motto. We studied all the aspects thoroughly, and found that mom was a perfect candidate.
You are correct in that you cannot go negative on the equity in the home in a reverse mortgage - ever. That is how RM's are structured. The number-crunchers do their work, and the insurance company/lender assumes the calculated risk that you'll die, or move out, before the equity is completely depleted. If you live much longer than their tables estimate, you are getting free money.
That said, I think it is a very unwise decision to take out a loan (that's what a reverse mortgage is) in order to get INTO more debt. Stupid, inane, and suicidal. But people should still be allowed to do it, and suffer the consequences.
Thanks for the ping!
Plus, the estate may be passed on to heirs, but the house would not, as it would have to be sold unless the beneficiaries can pay off the remaining debt with cash. If they are forced to sell the “family home,” there is also the cost of selling, like commissions, fees, etc.
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My house (tax appraised at $260k) is paid for and I have a clear title. As I understand the reverse mortgage thing, I would be paid monthly for a portion of the equity... until I’m no longer living there (whether I move or die)... and the firm providing the reverse mortgage attains ownership of the house.
The house would then not be passed on to my daughter and she would not be responsible for any costs from my estate for the house. ....I welcome any corrections to my understanding.
I’m not inclined to do a reverse mortgage, as I don’t need the money now. I’d rather leave the property to my daughter and let her sell it or move in, as she wishes.
They attain ownership of the equity owed back. For example, if you have a $300,000 house and get a reverse mortgage for $150,000, they now have a lien on the house for $150,000 of its value plus whatever interest is owed. Whatever is left after that goes to the beneficiaries, but they would be forced to sell or pay up due to the reverse mortgage’s lien on the home.
Thanks for posting this list of amendments. First I’ve heard of them, as there are no TV ads or mailers about them. Seems our pols in Austin are pretty lax about getting the word out on the possible changes.
Or refi and pay off the bank
Not a problem.
Unfortunately, the way uninformed voters are and the way these amendments are worded on the ballot (not to mention how many of them there are), people’s default selection is usually YES. The same applies to bond and charter elections.
The government wouldn’t let us vote for something bad, right? LMAO
Anyone notice the $108,921 cost iteration for most of the amendments? ??
I think its the cost of publishing
Except Prop 6, the Water proposal is a couple billion dollars.
Prop 3 (HJR 133)
Ballot: The constitutional amendment to authorize a political subdivision of this state to extend the number of days that aircraft parts that are exempt from ad valorem taxation due to their location in this state for a temporary period may be located in this state for purposes of qualifying for the tax exemption.
Our Recommendation: Vote Yes
I cannot see how your vote YES can be made without some type of dog in this hunt.
When it comes to ANY TYPE OF TAXES, all citizens and business pay the same.....not special favors to some.
Bad point on the ping list.
Thanks for the ping!
Of the two summary/recommendation sites listed, they agree on Props 1 - 4, disagree on Prop 5 (Hardhatters - NO, Empower Texans - Yes), Agree on Prop 6, disagree on Props 7 - 9....FWIW.
Which two sites are you referring to?
Don’t forget to vote on TX Constitutional Amendments BTTT!
Of the two summary/recommendation sites listed, they agree on Props 1 - 4, disagree on Prop 5 (Hardhatters - NO, Empower Texans - Yes), Agree on Prop 6, disagree on Props 7 - 9....FWIW
Ok - sorry, found the link to Empower Texans up near the top.
Which guide do you prefer?
I’m going with the Hardhatters recommendations.
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