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06-13-2019, 02:00 PM
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#31
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Registered User
Join Date: May 2010
Posts: 5,005
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Quote:
Originally Posted by boxcar
DRATS! You just made me spill my hot coffee!  :coffee
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Sorry - should have posted a spoiler alert! LOL
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06-13-2019, 02:07 PM
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#32
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Registered User
Join Date: Jan 2006
Posts: 28,549
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Quote:
Originally Posted by Tor Ekman
. . . you could redistribute all of the wealth in the world to every adult equally and in very short order there would once again be extraordinarily wealthy people and completely destitute people, as well as all gradations in between.
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Don't you feel that the financially irresponsible might have learned their lesson...so they could take better care of their money the second time around? For starters...all the horseplayers that I've ever interacted with have emphatically told me that they'd quit gambling for good if they ever "got even".
__________________
Live to play another day.
Last edited by thaskalos; 06-13-2019 at 02:12 PM.
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06-13-2019, 02:17 PM
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#33
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Registered User
Join Date: Jun 2005
Posts: 2,058
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Quote:
Originally Posted by thaskalos
Don't you feel that the financially irresponsible might have learned their lesson...so they could take better care of their money the second time around?
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Some might but most would revert to their previous level in life. In this regard, lottery winners are an interesting study
Quote:
Originally Posted by thaskalos
For starters...all the horseplayers that I've ever interacted with have emphatically told me that they'd quit gambling for good if they ever "got even".
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 As if !!!
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06-13-2019, 04:06 PM
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#34
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by Ocala Mike
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Let's assume that the borrower's in the article never took out a reverse mortgage. Would the result have been different if they didn't pay their property taxes? Of course not, they still would have been foreclosed on. There is no connection between taking out a RM and foreclosure.
__________________
Best writing advice ever received: Never use a long word when a diminutive one will suffice.
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06-13-2019, 04:42 PM
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#35
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Registered User
Join Date: Jan 2006
Posts: 28,549
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Quote:
Originally Posted by AndyC
Let's assume that the borrower's in the article never took out a reverse mortgage. Would the result have been different if they didn't pay their property taxes? Of course not, they still would have been foreclosed on. There is no connection between taking out a RM and foreclosure.
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People take their reverse mortgage payoff in one lump sum and proceed to blow the money foolhardily. And then, instead of blaming themselves...they blame the reverse mortgage. The homeowner's insurance is probably the smallest bill that a homeowner has to deal with...and yet the people in these articles are complaining that they couldn't stay current with their home insurance premiums, even after receiving their reverse mortgage payments. Come on...
__________________
Live to play another day.
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06-13-2019, 07:46 PM
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#36
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Registered User
Join Date: Oct 2001
Posts: 46,883
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Quote:
Originally Posted by AndyC
Let's assume that the borrower's in the article never took out a reverse mortgage. Would the result have been different if they didn't pay their property taxes? Of course not, they still would have been foreclosed on. There is no connection between taking out a RM and foreclosure.
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Yes,there is! They have to insure their house every way but loose to meet the bank's loan requirements. And HO insurance ain't cheap. It adds considerable to their monthly overhead.
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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06-13-2019, 10:48 PM
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#37
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Registered User
Join Date: Nov 2007
Location: Houston, TX
Posts: 1,517
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Quote:
Originally Posted by boxcar
Yes,there is! They have to insure their house every way but loose to meet the bank's loan requirements. And HO insurance ain't cheap. It adds considerable to their monthly overhead.
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You're taking this pretty personally.
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06-14-2019, 12:13 AM
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#38
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by boxcar
Yes,there is! They have to insure their house every way but loose to meet the bank's loan requirements. And HO insurance ain't cheap. It adds considerable to their monthly overhead.
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So let me see if I understand you. A person or a couple of seniors who have few assets other than their home would not have homeowners insurance if not for having a mortgage. That would make zero sense. Are you aware of some sort of out-of-the -ordinary insurance demands required for reverse mortgages? What moron wouldn't insure their only valuable asset? For most people, I am sure that you are aware, reduce their monthly overhead because they no longer have to pay their primary mortgage.
__________________
Best writing advice ever received: Never use a long word when a diminutive one will suffice.
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06-14-2019, 02:49 PM
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#39
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Registered User
Join Date: Jun 2005
Posts: 2,058
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Like that satirical news flash . . . World to end tomorrow, minorities and women disproportionately effected 
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06-14-2019, 03:21 PM
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#40
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Registered User
Join Date: Oct 2001
Posts: 46,883
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Quote:
Originally Posted by AndyC
So let me see if I understand you. A person or a couple of seniors who have few assets other than their home would not have homeowners insurance if not for having a mortgage. That would make zero sense. Are you aware of some sort of out-of-the -ordinary insurance demands required for reverse mortgages? What moron wouldn't insure their only valuable asset? For most people, I am sure that you are aware, reduce their monthly overhead because they no longer have to pay their primary mortgage.
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People who cant afford the big insurance nut?
For your info, I do not have HO insurance because to my mind it's a waste of money. No value to it. For me to insure my home in my location, it would run me at least $3,500. a year (and that was a few years ago!). This is why I decided a few years ago to invest in my home instead of enriching the Big Insurance Industry. I spent close to $20,000. upgrading all the openings in my home -- from the smallest windows to the garage door to the double shutters going across double glass sliding doors to my patio. Every single opening was upgraded according to the lastest hurricane codes. In another few years, all those upgrades will have paid for themselves with the money I saved not buying insurance.
Further, many years ago I invested in a metal roof for my house. So, I feel pretty protected. I would lose the roof decking before I'd lose the roof!
Plus we contribute regularly to our Emergency Slush Fund in the event that we should incur damage that runs into the tens of thousands of dollars.
HO insurance, generally, is a big ripoff. And a lot of my mortgage-free neighbors feel the same way.
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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06-14-2019, 03:23 PM
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#41
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Registered User
Join Date: Oct 2001
Posts: 46,883
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Quote:
Originally Posted by garyscpa
You're taking this pretty personally.
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Well...if you insist... 
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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06-14-2019, 03:36 PM
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#42
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Registered User
Join Date: Aug 2009
Posts: 10,999
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Quote:
Originally Posted by garyscpa
You're taking this pretty personally.
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Can't help himself. He argues everything as he argues for the existence of God.
__________________
All I needed in life I learned from Gary Larson.
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06-14-2019, 03:42 PM
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#43
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Registered User
Join Date: Jan 2006
Posts: 28,549
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Quote:
Originally Posted by boxcar
People who cant afford the big insurance nut?
For your info, I do not have HO insurance because to my mind it's a waste of money. No value to it. For me to insure my home in my location, it would run me at least $3,500. a year (and that was a few years ago!). This is why I decided a few years ago to invest in my home instead of enriching the Big Insurance Industry. I spent close to $20,000. upgrading all the openings in my home -- from the smallest windows to the garage door to the double shutters going across double glass sliding doors to my patio. Every single opening was upgraded according to the lastest hurricane codes. In another few years, all those upgrades will have paid for themselves with the money I saved not buying insurance.
Further, many years ago I invested in a metal roof for my house. So, I feel pretty protected. I would lose the roof decking before I'd lose the roof!
Plus we contribute regularly to our Emergency Slush Fund in the event that we should incur damage that runs into the tens of thousands of dollars.
HO insurance, generally, is a big ripoff. And a lot of my mortgage-free neighbors feel the same way.
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If I had a heavenly father looking out for me...then I too would cancel my homeowners insurance.
__________________
Live to play another day.
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06-14-2019, 03:54 PM
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#44
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Registered User
Join Date: May 2010
Posts: 5,005
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This is all boxcar needs:
"No evil shall be allowed to befall you, no plague come near your tent."
Psalm 91:10
Last edited by Ocala Mike; 06-14-2019 at 03:55 PM.
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06-14-2019, 04:38 PM
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#45
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Registered User
Join Date: Oct 2001
Posts: 46,883
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Quote:
Originally Posted by thaskalos
If I had a heavenly father looking out for me...then I too would cancel my homeowners insurance.
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Now, you're cooking with gas. 
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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