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Rate this convo with elder Boomer neighbor this morning (Earl)
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Date: January 27th, 2015 7:15 PM Author: stimulating awkward friendly grandma sandwich I was walking my puppydude this morning and got chatted up by my neighbor - she is 72 - 5 or so years older than the true boomer generation. She owns a small but well maintained house two down from my condo. She was fucking with the sidewalk grass - apparently the city gives her $3 per square foot to put in low water plants.
She bought the house 40 years ago with the help of her mother who recently died at the age of 99. She bought the house for $105,000. She said the house is worth $1.6 million now. She pays $1,900 per year in property taxes.
To help supplement her social security she took out a reverse mortgage on her home - only for $700,000 which is much less than she could, so she says. They send her another $1200 per month for the rest of her life, at 6% interest, which she doesn't have to pay interest or anything on.
She has 2 children and 3 grandchildren. She said that when she dies, the kids can pay off the new mortgage if they want to keep the house, or they can sell it to condo developpers (who would build something like the place I live in) and they should have a few hundred K left over to spare.
And before you ask, she brought up all this shit herself. She yaps and yaps like most women and all old people. I don't grill neighbors about reverse mortgages the same way I grill dates about their 401K. |
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Date: January 27th, 2015 11:12 PM Author: puce marvelous property roast beef Reverse mortgage when mother lived to 99 seems shrewd. (http://www.autoadmit.com/thread.php?thread_id=2793446&forum_id=2#27200987) |
Date: January 27th, 2015 7:17 PM Author: Chrome painfully honest hissy fit unfamiliar with your 401K grilling - assume you ask womenz why they don't max out?
do you think this would have happened if your dog wasn't sniffing around? I've heard having a dog = forced, extended, unjustly personal convos with strangers |
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Date: January 27th, 2015 7:43 PM Author: stimulating awkward friendly grandma sandwich Once or twice I bashed women I dated on the board for being 30 years old without a 401K.
Women cannot think more than 18 months in advance. The idea of having to save to provide for themselves and others decades later is incomprehensible.
If I did not have a dog I would not be talking to neighbors period. One positive is that cute young girls occasionally stop to pet my dog and chat. |
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Date: January 27th, 2015 7:44 PM Author: Chrome painfully honest hissy fit 401K is the easiest kind of saving because you don't have to miss the money - it just goes and becomes more money like magic!
also are you going to update with puppy pics or what.
are reverse mortgages even still legal? that shit is fucking insane. |
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Date: January 27th, 2015 7:58 PM Author: Ungodly library because women cannot fathom having to be financially independent their whole lives. (http://www.autoadmit.com/thread.php?thread_id=2793446&forum_id=2#27199491) |
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Date: January 27th, 2015 8:02 PM Author: Titillating Gas Station Pozpig do you ask them about their 401K before or after you tell them it's your gf's dog? (http://www.autoadmit.com/thread.php?thread_id=2793446&forum_id=2#27199512) |
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Date: January 27th, 2015 11:16 PM Author: Jet scourge upon the earth voyeur ljl @ are generation having good enough jerbs to even fund those things let alone get good returns in our SPS economy. bootlicker. (http://www.autoadmit.com/thread.php?thread_id=2793446&forum_id=2#27201004) |
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Date: January 27th, 2015 7:37 PM Author: clear theater stage lol, would love to know what her grandkids think of this arrangement (http://www.autoadmit.com/thread.php?thread_id=2793446&forum_id=2#27199360) |
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Date: January 27th, 2015 7:44 PM Author: mustard faggotry I don't know how reverse mortgages work, but if the principal is $700k and she's 72, isn't she getting fucked only getting $1200 a month? Do they expect her to love to be 110? (http://www.autoadmit.com/thread.php?thread_id=2793446&forum_id=2#27199415) |
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Date: January 27th, 2015 8:00 PM Author: Ungodly library gotta take care of the elderly right? (http://www.autoadmit.com/thread.php?thread_id=2793446&forum_id=2#27199503) |
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Date: January 27th, 2015 11:01 PM Author: Aromatic magical institution I want to meet the crafty bastard who invented reverse mortgages. What a 180 scheme: as property taxes go up on boomer-held, pre-boom bought property, boomers don't have enough saved to pay their property taxes. Viola! In steps a financier offering them a way out from under the taxes while still maintaining a "lifestyle" I.e. were gonna double pwn you from the front by the government and the back by the lender (http://www.autoadmit.com/thread.php?thread_id=2793446&forum_id=2#27200905) |
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Date: January 27th, 2015 11:12 PM Author: Chest-beating exciting chapel Lot of scams out there to screw over the elderly. My dad's Ivy alma mater sent him a brochure a few years ago that basically said, Great news! You can now donate your entire estate to our endowment! The way it would work is that, while alive, the donor would get paid a percent return on investment equal to the percent return produced by the endowment, but upon death, the gravy train stops funds in question become property of the school.
I threw the brochure in the trash. |