Haven’t seen you in awhile, glad you’re back on the block cat! Tock. BD4L.

Sumskillz

Very fair point that must be considered.

ditto!

One of the best comments I’ve read in awhile. Thanks MH. Tock. BD4L.

I think the only undercurrent here is that there is growing financial distress in society that has been kept out of sight by piling on all kinds of debt upon each other (and selling jewelry).

Notwithstanding the specific dire circumstances where there is no other option, I really doubt that anyone would seriously argue that a reverse mortgage should be considered as the answer to unexpected medical expenses. The problem is that given the prevailing spending habits such circumstances are apparently becoming more and more common occurrence. Many people got zombified that the only decision that they should make about their money is to spend all they have and can borrow to buy as much house as they can disregarding everything else including the possibility of unexpected medical expenses.

The basic utility of housing mutated into some equivalent of the magic wand that must be able to address every need from keeping the (personal and country) economy going to being a pension and a rainy day fund. This is so seriously screwed-up on so many levels and has so many negative long-lasting consequences that it is really astounding that this is not a national emergency. If anything, I think that it is important that BD keeps bringing attention to this topic so maybe things improve and more people would be able to avoid the situations where a reverse mortgage is the only available option.