Reverse mortgage

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Daren Todd

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(off topic I know) I saw my older sister steal my parents property when my mother passed away she pulled out a 'secret Last Will' the day of moms funeral my siblings and I got a call from a lawyer saying the next day was the reading of my mothers Will. I replied she didn't have a Will. The woman laughed "oh Yes she did"...I replied mail me a copy and tell my sister I'll see her in court" and hung up. It runied my mothers funeral and my oldest sister got my mothers estate in the end. The last time she stopped here. I pointed out the driveway and told her to Never Stop Here Again, 11 yrs ago.
That made me get all my paperwork in order. Who gets this and that, where I'll be planted and what my kids and family will gets.
Alot of hard work to earn what I have. Nothing given. Being poor growing up I never relized we were poor until I got older.
My dad did the same and took advantage of my grandfather after gramps lost his marbles due to dementia.

All it takes is a crooked lawyer. We could have contested, by why bother. Out of pocket for a bunch of money up front, to get some money.

Dad acted a fool, very paranoid, called my brother and I a bunch of names for nothing. But I think the worst was hiding my grandfather in a care home due to paranoia.

He blew through gramps estate in about two years. And is now in the process of selling off everything he purchased to make ends meat.

What really chapped my fanny over the whole deal, is he couldn't be bothered to share some of the photos and momentos.

Now he's a lonely bitter man whose kids won't have anything to do with him for how he acted, what he said and what he did.
 
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bird dogger

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My dad did the same and took advantage of my grandfather after gramps lost his marbles due to dementia.

All it takes is a crooked lawyer. We could have contested, by why bother. Out of pocket for a bunch of money up front, to get some money.

Dad acted a fool, very paranoid, called my brother and I a bunch of names for nothing. But I think the worst was hiding my grandfather in a care home due to paranoia.

He blew through gramps estate in about two years. And is now in the process of selling off everything he purchased to make ends meat.

What really chapped my fanny over the whole deal, is he couldn't be bothered to share some of the photos and momentos.

Now he's a lonely bitter man whose kids won't have anything to do with him for how he acted, what he said and what he did.
Darren, you’re not alone. I think a lot of families have their black sheep. Mother named me to be her personal representative when she passed. Before that she gave me power of attorney to handle the sale of her deceased husband’s (my dad) interest in a small parcel of land on his original homestead. My aunt (my dad’s youngest half-sister) thought she had the sole right to that interest and tried to convince mother of it. It was offered for sale to aunt for well under appraised value. The aunt tried every trick in the book to talk mother into just giving her dad’s interest. Even telling mother it could not be sold to anyone else. What a bunch of crap! Soon mother was diagnosed with terminal cancer and given a few months to live. The aunt still tried to coerce the land from her. Catching mother at a very weak moment, they struck a verbal deal. I drew up the contract and had mother sign it and send it back to me as I would hand the deed over only upon full payment by sleezy aunt. With the deed in the mail to me, the aunt called me and said she had struck another new deal (for even less money) and I was to hand over the deed because she had already sent payment to mother. I said no way. All deals are now off.

The aunt sicced two lawyers on me and I held them off by not giving in to their demands and they finally backed off when the aunt’s lies came to light. Her third sleezy lawyer was worse and said I better meet her demands…..or else. Given that for a choice, I gladly took the “or else” option. After all her lies and deceit, a court date was set and I finally retained a lawyer. We removed the case to a higher court and told her lawyer he’s missing some very pertinent facts and documentation and he might want to challenge his client to provide the same to him. Apparently, she finally had to provide him that info because the day before the pretrial meeting her lawyer calls and offers to drop the case if we return the meager payment with an exorbitant interest rate and other fees. I said see you in court. A few hours later he calls again and said return her meager payment with bank interest and we’ll drop the case. My lawyer talked me into doing that to spare mother any more misery. Case dismissed minutes before the end of the business day prior to court hearing. But was this really the end?

A couple of weeks later at Christmas, my mother receives a letter from our aunt saying she should be ashamed of her and my actions and we’d both be going to hell. My mother died a week later from her cancer. I showed my attorney the letter and he said in all his 50 yrs. of lawyering he had never seen such an evil woman as my aunt. He sent a copy of the letter to her lawyer but we got no response. And my so-called aunt was a retired lifelong RN.

Two years later my dad’s youngest brother died (well to do farmer). This same aunt had drawn up his will for him and named herself the sole beneficiary of his close to a million dollar estate. This will had been drawn up and in place long before the aunt’s dealing with mother. Go figure. It’s a shame that in the dictionary under “devil incarnate” this aunt’s name and picture isn’t at the top of the list.

It took some doing to finally force the sale of that small parcel of land to turn dad’s undivided share into cash. Mother’s will had stated that the proceeds were to be divided up between all her grandchildren. The forced sale brought a bit of sweet revenge as that same aunt who had by now inherited my uncle’s estate had to pay $6K per acre for what mother had once agreed to sell for $2.5K per acre. (dad’s share of the parcel was just over 20 acres)
 

Steppenwolfe

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A few years back I got a call from my dad who lives about 8 hours from me; said he was cutting me out of his will so my two pig sisters could have more. I told him that was OK, it was his choice. Next father's day I sent him a razor sharp pocket knife...
 

Poohbear

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If your business is in a LLC then any lawsuit against your business is the assets of the business. If landscaping company then like truck, trailer, skidsteer, rakes shovels ect. Its what the business owns is at risk. If property is in business name then property. But if the garage or shop space is rented by or too the LLC no property is involved. The lawyer who sit up mine owned the building where his pratice was and rented it to his law firm.
Not a lawyer but operated under an llc & 2 subS corps. IF YOU ( primary owner ) go out & actually do the jobs/service of the business & not just be manager then any good lawyer can " break the corporate veil " & go after your personal stuff. I had several techs & installers but I ran AC calls pretty regular so was in that senecio. I did own all of my real estate , tools,& trucks and leased them to my company.
Here in Tx we have " homestead laws " that protect your primary residence & certain other assets from forfeiture from suits /bankruptcy in most cases but not all
 
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Daren Todd

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Darren, you’re not alone. I think a lot of families have their black sheep. Mother named me to be her personal representative when she passed. Before that she gave me power of attorney to handle the sale of her deceased husband’s (my dad) interest in a small parcel of land on his original homestead. My aunt (my dad’s youngest half-sister) thought she had the sole right to that interest and tried to convince mother of it. It was offered for sale to aunt for well under appraised value. The aunt tried every trick in the book to talk mother into just giving her dad’s interest. Even telling mother it could not be sold to anyone else. What a bunch of crap! Soon mother was diagnosed with terminal cancer and given a few months to live. The aunt still tried to coerce the land from her. Catching mother at a very weak moment, they struck a verbal deal. I drew up the contract and had mother sign it and send it back to me as I would hand the deed over only upon full payment by sleezy aunt. With the deed in the mail to me, the aunt called me and said she had struck another new deal (for even less money) and I was to hand over the deed because she had already sent payment to mother. I said no way. All deals are now off.

The aunt sicced two lawyers on me and I held them off by not giving in to their demands and they finally backed off when the aunt’s lies came to light. Her third sleezy lawyer was worse and said I better meet her demands…..or else. Given that for a choice, I gladly took the “or else” option. After all her lies and deceit, a court date was set and I finally retained a lawyer. We removed the case to a higher court and told her lawyer he’s missing some very pertinent facts and documentation and he might want to challenge his client to provide the same to him. Apparently, she finally had to provide him that info because the day before the pretrial meeting her lawyer calls and offers to drop the case if we return the meager payment with an exorbitant interest rate and other fees. I said see you in court. A few hours later he calls again and said return her meager payment with bank interest and we’ll drop the case. My lawyer talked me into doing that to spare mother any more misery. Case dismissed minutes before the end of the business day prior to court hearing. But was this really the end?

A couple of weeks later at Christmas, my mother receives a letter from our aunt saying she should be ashamed of her and my actions and we’d both be going to hell. My mother died a week later from her cancer. I showed my attorney the letter and he said in all his 50 yrs. of lawyering he had never seen such an evil woman as my aunt. He sent a copy of the letter to her lawyer but we got no response. And my so-called aunt was a retired lifelong RN.

Two years later my dad’s youngest brother died (well to do farmer). This same aunt had drawn up his will for him and named herself the sole beneficiary of his close to a million dollar estate. This will had been drawn up and in place long before the aunt’s dealing with mother. Go figure. It’s a shame that in the dictionary under “devil incarnate” this aunt’s name and picture isn’t at the top of the list.

It took some doing to finally force the sale of that small parcel of land to turn dad’s undivided share into cash. Mother’s will had stated that the proceeds were to be divided up between all her grandchildren. The forced sale brought a bit of sweet revenge as that same aunt who had by now inherited my uncle’s estate had to pay $6K per acre for what mother had once agreed to sell for $2.5K per acre. (dad’s share of the parcel was just over 20 acres)
Money definitely brings out the evil in people. Wife and I plan on having stipulations when we set up our trust. This is how it is. If you contest, you don't get squat. 👍👍👍👍
 

GreensvilleJay

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hmm.. 'reverse mortage'....devil in the details...
say you get one for $100K ( house is valued at $200K)...
time passes, a lot of time... now you owe ($100K + $50K interest)...
market tanks and house now worth $125K)..
so.. you (well your heirs...) owe $150K ,sell house for $125K..
does the estate( heirs) OWE the RM company $25K ???

Wonder if THAT is in the 'fine print' ????

I'm thinking it is... sure be nice to know BEFORE you sign on the dotted line !!
 

old and tired

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I'm sure it's different in each state. If you have a dumbazz lawyer like we hired (4 kids) and he wanted to quickly get the estate out of his hands and drop it into our lap. Meaning he put everything in our names so the estate is out of probate, lawyer is done and no more headaches for him.

One thing I definitely did not want, was the house put in our names... then we are responsible for the $50k interest only loan my mother had - instead of the estate owing that. She died Dec. 2007... I was happy to only lose $12K.

Hindsight I wish we just walked away from the whole mess, she was in Las Vegas and I was in NC. Yes, I told the lawyer NOT to put it in our hands but he had the power to do what he did (I'm sure he was thinking he was doing the right thing).

Try selling a house where you need 8 signatures (4 kids + 4 spouses) to sign off on anything. With the market tanking and dollar signs $$$ in all their eyes (mine incluing).

For the mother in-law reverse loan - my wife knows not to touch the house, burn us once... ain't getting burned again. The house is in BAD shape, foundation is a mess, Plumbing all from 1969... the list is long.
 
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WFM

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In the end no one gets out alive. No matter own much our estate is worth. Live an honest decent life. Trust in God that when it is your time you'll be able walk the golden streets in heaven.
 
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shootem604

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Here in Canada many banks are happy to stay on the title of your property even after your mortgage is paid off. 1) you will turn to them first if you need a loan against it, and there's no legal fees then to re-add them to title. You just have a mortgage with $0.00 owing.
2) title fraud has been a big problem for older folks who paid off the mortgage, and then never followed up with title insurance or anything, and fraudsters targeted seniors with paid off properties, ideally with only one person on title. Fraudsters know to avoid any property with a bank on title as they have the money and resources to protect their interests, and banks for once are doing folks a favour without folks having to pay for it by doing this.
 
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Benhameen

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If your business is in a LLC then any lawsuit against your business is the assets of the business. If landscaping company then like truck, trailer, skidsteer, rakes shovels ect. Its what the business owns is at risk. If property is in business name then property. But if the garage or shop space is rented by or too the LLC no property is involved. The lawyer who sit up mine owned the building where his pratice was and rented it to his law firm.
This is how my accountant suggested I set up my business. It’s an LLC and I rent my barn to my LLC.
 
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Benhameen

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My grand mother LOVED Tom Seleck and in her later years she would have bought this hook line and sinker. So the commercial pisses me off every time I see it.
 

Poohbear

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This is how my accountant suggested I set up my business. It’s an LLC and I rent my barn to my LLC.
Unearned income so no Social Security/self-employment tax owed on the money . You really haven't made any more money just avoided some tax. It's not how much you make BUT how much you get to keep
 
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WFM

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Unearned income so no Social Security/self-employment tax owed on the money . You really haven't made any more money just avoided some tax. It's not how much you make BUT how much you get to keep
I had a really really good accountant years ago. When I first met him he was refered by a farmer I knew. In our meeting and talking he said he'd never known a farmer to ever make a dime with so many deductions and the Feds always expected them to lose money. lol
Well I was'nt a farmer and still an't. But I pay pleanty in quarterly taxes so IF there still is a social security check to get in years to come I might just get one.
My current accountant told me her father was a self emplyeed logger. Made good money for years and then retired and went to the SS office to sign up. They checked and checked and finally said to him "who are you ?" as we have no records of you ever paying in. And he got nothing. I don't want that to be me.
 

Daren Todd

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I had a really really good accountant years ago. When I first met him he was refered by a farmer I knew. In our meeting and talking he said he'd never known a farmer to ever make a dime with so many deductions and the Feds always expected them to lose money. lol
Well I was'nt a farmer and still an't. But I pay pleanty in quarterly taxes so IF there still is a social security check to get in years to come I might just get one.
My current accountant told me her father was a self emplyeed logger. Made good money for years and then retired and went to the SS office to sign up. They checked and checked and finally said to him "who are you ?" as we have no records of you ever paying in. And he got nothing. I don't want that to be me.
I used to have Sam. Sam was a retired IRS tax auditor who knew the in and outs and could get you the most return. 🤓🤓🤓 And at $20 a form you couldn't beat it.

Used to drop my stuff off to him, give him my $20 bill. Go through any deductions and expenses for the year.

Pick up my form and paperwork about a week later and send it off.

I used to clean house using him 😁😁😁😁

I sure miss Sam. 🥺🥺🥺🥺
 

Benhameen

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My accountant is old school and everything is on the up and up. I pay into social security and unemployment etc. on my salary. I wish he only cost me $20... but he definitely knows what he is doing so it’s worth it.

I’ve heard stories from a friend that used to be a contractor. He said his old accountant was amazing he would get money back even during his “best” years.
 

Poohbear

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My accountant is old school and everything is on the up and up. I pay into social security and unemployment etc. on my salary. I wish he only cost me $20... but he definitely knows what he is doing so it’s worth it.

I’ve heard stories from a friend that used to be a contractor. He said his old accountant was amazing he would get money back even during his “best” years.
You need another accountant. Using a sub s, llc, etc you should be makeing most of your money with dividends/unearned income drawing a small salary until about 60 then start having a large salary. . I draw max & that 15% not sent to the guvment every year for many years is doing pretty good in my retirement fund. Way better than SSI.
 

Lil Foot

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The only person I know of who had the perfect situation for a reverse mortgage was a guy from work.
Didn't know him well, but as I understand it, soon after retiring, (at about 60) his wife died. His only son was estranged. (in prison) Not long after that, he got the long face from the doc. (some kind of cancer)
He liquidated everything, got a reverse mortgage, and began traveling & experiencing everything he could, stopping home occasionally to rest up. Since the covid thing, I don't have lunch with the guys from work anymore, so I've lost track of the story. Hope he's still out there enjoying himself.
 

NHSleddog

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When I started my company, my accountant said do you want the company to look good, or do you want your personal finances to look good. I went with a balanced approach. I pay quarterly and always have. I should draw a max on SS (hopefully it will cover the fuel in my truck by then), and I have saved a ton of dough when financing anything.
 
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