/biz/ - Business & Finance

Whats a reverse mortgage

>>50747440
House backed loan so you can spend on cars vacations and toys

>>50747440
>a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income

>>50747452
So they aren't thinking about giving you the house, but selling the house to the bank and spend the money on themselves

>>50747440
it's just one last way for the retard boomers to get fleeced by the system

>>50747468
you mean enabling them to fleece their descendants out of an estate
>sure goy, have some money, we'll just get 50% of your house when you die

>>50747415
They had to pay for your tendies somehow

>>50747467
Yep. Goyim gonna goyim

>>50747415
Get fucked kid

>>50747415
only time it is acceptable to get a reverse mortgage is to buy bitcoin. your parents are retards governed by their emotions

>>50747440
Tom Selleck explains it:
https://www.youtube.com/watch?v=O4FKPcLnd3Y

How to flip your home for the creditor:
https://www.youtube.com/watch?v=U--35WpVuBU

>>50747415
Thanks for playing

Home Equity Chair (analogy):
https://www.youtube.com/watch?v=M5ILMby4pGg

>>50747415
Nice generational wealth faggot!

>>50747415
is that an american scam like their healthcare?

>>50747848
>3 persistent sources of post-retirement income
Waaah its not enough to keep up appearances alongside other boomers!!
Better just rob the decedents real quick so I can enjoy my life at the indian casino.

I can’t wait to read stories of NEETs getting evicted out of their parent’s home after they die. It’s going to be very entertaining.

>>50747415
>Open a reverse mortgage on your home
>A wildfire starts
>????????
>PROFIT!!!!

>>50747415
Burn the house

>>50747462
holy shit that seems like a bad deal, wft you do when the market turns on you and the house value tanks?

>>50747415
Uh oh, you didn't laugh at their jokes and stroke their egos, did you?

t. whole extended family begs me to stay with them 24/7

>>50747415
Grow up and move out of your parents house. Your parents are weak for not kicking you out and teaching you how to be self efficient. Therefore you are weak

Oh lil NEETie thought once mommy and daddy went bye bye he'd be staying in his basement all alone?

>>50748016
Congrats you are the perfect house negro.

>>50747415
You will own debt, and you will be happy.

>>50747415
Understanding that my parents do not love me, or my sister, and don't really know how, is something it's taken me until my forties to start to accept. It was just all about them, and we were expected to conform and not give them any trouble.

That appeared to be their biggest overriding concern with parenthood - that their children give them as little hassle as possible. They wanted to do the bare minimum, and just be phone-in parents. I don't think either of them has the emotional capability to be a true parent, who supports their children's growth and sees them as individuals.

It's like we were family pets who could talk. The same way you expect your pet to just do what you say, and go along with your agenda, and not have their own views that contradict yours, so it was with my parents raising their kids. If you weren't obedient, and dared to talk back, you would even be smacked like a misbehaving pet.

There was little to no curiosity about who we were as people, or attention given to supporting our growth as separate beings. There was no emotional connection, so imagine my face when i started making money and they wanted a cut. Recently i told my dad that i made a 20k investment in Ultimate Champions and he starded yelling at me "why are you spending that much on a game instead of helping your old man?". His face when i told him to fuck off was priceless, the poor old fucker is trying to give ME some advice kek, imagine

>>50748044
Yes and I'm not paying rent or hotel bills for like 6 weeks for barely any effort. Y'all need to start putting points into charisma.

>>50748176
>The house Negro usually lived close to his master. He dressed like his master. He wore his master's second-hand clothes. He ate food that his master left on the table. And he lived in his master's house--probably in the basement or the attic--but he still lived in the master's house.

>So whenever that house Negro identified himself, he always identified himself in the same sense that his master identified himself. When his master said, "We have good food," the house Negro would say, "Yes, we have plenty of good food." "We" have plenty of good food. When the master said that "we have a fine home here," the house Negro said, "Yes, we have a fine home here." When the master would be sick, the house Negro identified himself so much with his master he'd say, "What's the matter boss, we sick?" His master's pain was his pain. And it hurt him more for his master to be sick than for him to be sick himself. When the house started burning down, that type of Negro would fight harder to put the master's house out than the master himself would.

>>50747974
I'm seriously considering it now. They even had the gall of asking me if the overlanding lifestyle was something I was interested in this morning. They said it's popular with the young kids and looks like a cool hobby. FUCK THEM

>>50748226
Feels good man. No rent payment and they're taking me out to eat every night. They also have no idea I'm close to 7figs.

>>50747415
Throw them in a nursing home and let them rot.

>>50748265
>But then you had another Negro out in the field. The house Negro was in the minority. The masses--the field Negroes were the masses. They were in the majority. When the master got sick, they prayed that he'd die. If his house caught on fire, they'd pray for a wind to come along and fan the breeze.

>>50747985
Not your problem at that point.

>>50747462
no way...
Thats bad, im sorry anon

>>50747916
That only happens to liberal kids though.

>>50747415
You're not entitled to anything, kid.

>>50747415
lol just pull yourself up by the bootstraps, wank into a place, give the manager a firm handshake, look him in the eye, and say "i'm a hard worker"
then you get a living wage with union representation and pension

>>50747415
I think you can repay the bank all the money they gave your parents (+20% interest aprox) and keep the house

Check the terms and conditions

>>50748722
>pic related would piss/shit himself if social security was cancelled

>>50747415
was it a chip reverse mortgage?

>>50748733
That’s the most fucking annoying thing that you can be a presentable decent guy but you will just be automated by some roastie HR and if you don’t fit every single check boxes you’re done.

>>50748022
/thread

Imagine how many gen z and millenial NEETs are sitting around thinking they'll inherit a house only to get cucked by the reverse mortgage.
The day of the pillow is going to be one hell of an Uno reverse.

>>50747795
> We're not going to take your home
5 minutes later
> When you leave your home

>>50748090
based and well deserved for the boomer

captcha P28 J0H

>>50747415
Possibly the most retarded way of doing things. Why not just lease the house and take out another mortgage?

>>50748090
can relate, except for the smacking part and the shitty sorare copycat

>>50747415
Whatever you do, don't fuck your mom.

boomers win again
absolute zoomer destruction

>>50751421
It’s a mixture product of balloon mortgage and life insurance. Of course the fees are through the roof and you get little in exchange for probably losing the house.

>>50747918
That will happen anyways. You ain't affording upkeep and utilities for a house without a source of income.

If half these NEET fags had any ambition and got a job, their parents would probably give them the house when they died. But if your kid is an underachieving, unemployed loser and expects you to pay his way well into his 40s, why the fuck would you leave his nigger ass anything? I'd reverse mortgage my house and enjoy winters in the Caribbean (sans him) while his lazy ass posted about what an asshole I am on this fucking board kek.

>>50747415
lmaoo shit boomers even get tired of fucking with younger gens?

I want to do this but you have to be almost dead. Its not fucking fair.

If I may play boomer's advocate for a minute: If you aren't starting your own family, what reason do your parents have to pass anything on to you? Generational wealth doesn't end with you. If you don't have kids of your own, don't bitch about your parents blowing "your" inheritance on toys and other frivolities if that's what you were planning on spending it on. Granted there are many such cases where boomers are just being shitty, but you have an end of the deal to hold up as well. A man deserves an inheritance, a NEET deserves nothing

>>50747415
Why don't you offer to pay rent to own? It's your parents equity anon, if they want to cash out for their retirement it's kind of selfish for you to stop them.

I'm not sure why you'd want to live in your parents home anyway. It'd be depressing to grow old in the house you were born into. Build your own future.

If real estate crashes everyone with a reverse mortgage will be getting foreclosed. It will be the ultimate boomer rugpull.

>>50747415
And white people in the US wonder why they are poor and having what was once their country taken away from them. White people do not care about their children or dynastic wealth, you can thank christkikery for this mindset.

>>50747440
>Whats a reverse mortgage
Have yet to see a correct response in this thread.

The bank will give you a huge equity loan in cold hard cash. Maybe it's 25% - 50% of the equity. You don't have to pay back this equity loan so long as you are alive or live in the house. So nobody is going to lose their home due to a reverse mortgage. The amount owed on the loan is inflated by interest on a monthly basis. If you pay that amount back your descendents can keep the home, otherwise when you croak the bank takes it over.

a lot of you chud neets are not getting the fact that many of your boomer/gen x parents only had kids because that was the "thing to do". just as how they are now pressuring you to leave the basement and get a job, their parents pressured them to have kids after getting married. there was a lot of societal pressure and kids can also act as a form of insurance in old age. many of you are also accident babies. they always saw you as a burden and will never really care unless you start making an income and sending it home. stop being shocked that they keep spending their own money. it was never yours anyway and you are not entitled to it

>>50747440
You sell your house back to the bank for less than you paid for it.
They keep the money and the house.
You keep nothing and you will be happy.

>>50747415
Quit being anti-semitic

>>50748253

>>50747468
but tom selleck said it wasn't a way for the banks to get your home

you know the drill

you vill inherit nothing and be happy