Money and old age

[Macs II]

Should retired/elderly people be able to spend their money they have earned. For example they can get a reversed mortgage on their house and use the money to make their lives easier. Would this make them selfish?

Is it more important to leave everything to your children than spending your own money on yourself to make your life more enjoyable in your golden years? Whose money is it?

[someguy]

I think that the elderly should spend it as they see fit. It is their hard earned money and it is not written in stone that they have to leave anyone anything. Unless they are not mentally capable of handling their finances that is.

One thing to always remember is that you can't take it with you when you die.

[mr ed]

its their money they're not selfish if they use it.
no you cant take it with you thats why there's never a U Haul behind a hearse.

[vixen]

My only question is how does a reversed mortgage work? I would think you have only so much to used and what happens when it runs out and who is going to pay later on it is it not kinda like a loan?

[Andre]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Macs</div><div class="ubbcode-body">Should retired/elderly people be able to spend their money they have earned. For example they can get a reversed mortgage on their house and use the money to make their lives easier. Would this make them selfish? </div></div>

[censored] No!
If my mom at age 73 want's to travel to French IndoChina. Go for it mom.
Anything leftover is gravy [img]/ubbthreads/images/%%GRAEMLIN_URL%%/grin.gif[/img]

[vixen]

ook so it was two questions! And I think its money that belongs to them so whos to say how it should be spent.

[Macs II]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: vixen</div><div class="ubbcode-body">My only question is how does a reversed mortgage work? I would think you have only so much to used and what happens when it runs out and who is going to pay later on it is it not kinda like a loan? </div></div>

You get let's say 40% of what your house is worth...you get a lump sum and there are no payments ...when you die or when the house is sold and the money is taken out of that with interest.

[Andre]

now you're just being a party pooper.

/If your parents are taking a reverse mortgage they are stupid but probably happy that way

[Macs II]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Andre</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Macs</div><div class="ubbcode-body">Should retired/elderly people be able to spend their money they have earned. For example they can get a reversed mortgage on their house and use the money to make their lives easier. Would this make them selfish? </div></div>

[censored] No!
If my mom at age 73 want's to travel to French IndoChina. Go for it mom.
Anything leftover is gravy [img]/ubbthreads/images/%%GRAEMLIN_URL%%/grin.gif[/img] </div></div>

so it's like take a trip but don't spend it all [img]/ubbthreads/images/%%GRAEMLIN_URL%%/lol.gif[/img]

[Koss]

There are better options for seniors to access the mortgage in their house. Get a regular old line of credit. Reverse Mortgages rip old people off.

But back on topic, people can spend their money how ever they see fit. I'm sure there will be lots going to the next generation through inheritances in the next 15-20 years.

Have you been written out of the Will Macs?

[Andre]

I'm actually encouraging her to go into debt. [img]/ubbthreads/images/%%GRAEMLIN_URL%%/wink.gif[/img]

[Macs II]

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Have you been written out of the Will Macs?</div></div>


No LOL and it's not about me or anyone I even know. Just a question

[Simba]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: leaving the sault</div><div class="ubbcode-body">I think that the elderly should spend it as they see fit. It is their hard earned money and it is not written in stone that they have to leave anyone anything. Unless they are not mentally capable of handling their finances that is.

One thing to always remember is that you can't take it with you when you die. </div></div>

I agree!!

[Bufford]

What a dumb A$$ question, Lets turn it around...should young people be allowed to spend their own money? after all they don't have enough experience to know what they are doing!

[Macs II]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Bufford</div><div class="ubbcode-body">What a dumb A$$ question, Lets turn it around...should young people be allowed to spend their own money? after all they don't have enough experience to know what they are doing! </div></div>

It's not a dumb question. Lot of older people feel they should leave something for their children and in order to do that they live on their pensions ....instead of spending the money they have invested...on themselves?

[dekedawg]

the elderly earned this money throughout their life - why shouldnt they deserve a good retirement during their golden years.

Ideally, it would be nice to share with their children but these are all personal life choices

there is no right or wrong

myself i am retiring at 55 after working hard all these years and selling my home to move to Toronto and buying a condo to enjoy retirement

[Macs II]

there may not be right or wrong but there are opinions.
Would you spend all your money on pizza,beer and hookers when you're old....and leave nothing to your children ...just because you have a right to do it? LOL

[Super Gram]

Well this old person is not worrying about what to spend and what to give to children. I would never take out a reverse mortgage. Younger people do not seem to realize that if we old people ever get sick. We would like something we can depend on. You just don't take your money out of the bank and wildly spend it.

I bought my hubby a 40 inch Samsung for his birthday. We didn't need it but, hey why not?

We spend what we feel like and don't worry about the rest.

[Macs II]

Lets say your parent/s have $500.000 in the bank ..they are in their mid 70's and all of sudden tell you they have decided to blow it all ......none of you wouldn't have any problems with that?
You all would just say : Thats great blow it all it's your money.

[tippikitty]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Bufford</div><div class="ubbcode-body">What a dumb A$$ question </div></div>

There is no such thing. That is how people learn. A dumb question to you or me could be a very important to someone else.