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Thread: The Lust For Boomers' Money

  1. #21
    Bizarroland Observer Thx1138's Avatar
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    I just found this vid and posted it in a new thread, but it really pertains here in your thread @Madeline



    This guy is talking about what is going to happen when so many baby boomers retire and give up the McMansions they have acquired...

    There will be a glut of housing in the suburbs and only kids with mass student debt and low wage prospects there as buyers...

    He starts in on that topic at about 8 minutes.^

    Thx
    Thanks from Madeline

  2. #22
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by Thx1138 View Post
    I just found this vid and posted it in a new thread, but it really pertains here in your thread @Madeline



    This guy is talking about what is going to happen when so many baby boomers retire and give up the McMansions they have acquired...

    There will be a glut of housing in the suburbs and only kids with mass student debt and low wage prospects there as buyers...

    He starts in on that topic at about 8 minutes.^

    Thx
    O yeah. Bear in mind, my parents never had a credit card. They just did not exist in the 1960's. Us boomers entered the 1970's with newly-bought homes and one used car, and zero unsecured debt.

    Most of us emerged into the 1980's with two NEW cars, some under lease (shudders), a home equity loan, credit card debt, student loan debt, etc. And we were manipulated, lied to and outright scammed, without mercy, essentially losing a decade of our lifetime's productivity.

    It has only gotten worse, and everyone is pissed off. Each generation blames the others, but fuck! I knew people in Tax Law school with credit card debt 3xs the size of their mortgages! Being wicked smart was/is no protection, and no Boomer wanted to tell our children, now our grandchildren, "No, you can't go to Europe on vacation. No, you can't have a huge wedding. No, you can't have new furniture."

    Etc. We kept doling out money until the banks finally said no more. That is 100% on us, not On our kids. We had a horror of them ever discovering we cannot afford every fucking thing they want.

    We care about all the people in our families, our friends, our communities and we spend accordingly. And that's healthy, except we won't adapt! Most ofus still buy $1,000+ worth of shit for birthday presents for our kids, and they are in their 40's!

    Most of us STILL don't have a good, solid grasp on personal finances. We're not stupid, but it's very hard to master complex ideas when you are in the throes ofva panic attack.

    I am asset-rich and income poor. I'll be okay as long as I can stay in my house, which is why I am so obsessive about remodeling for the coming years' changes in my level of physical ability.

    And I'm scared, but more so for my brother than me.

    He has saved much more money,vbut he raised much greedier kids. I am fearful he will end up giving them every dime he's saved, and he has 20 years left on his mortgage.

    And we are both better off than Boomers already struggling with dementia.

    All of which is a long-winded way of saying virtually every Boomer is "scream the house down" terrified about money, as we retire, which means we are Sitting Ducks for the fraudsters gathered at our front doors like a fucking mob.
    Last edited by Madeline; 12th March 2018 at 12:55 PM.
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  3. #23
    Bizarroland Observer Thx1138's Avatar
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    The idea of using a house as an "investment" is in part what got us here. It would be fine if wages kept up, but they haven't and kids these days are saddled with much more debt than we were.

    The result will be an overall decline in property values and also a decline in new housing.

    So, the retirement nest egg that many are counting on, ie: equity in their homes could rapidly deteriorate.

    I like to reminisce about "the good old days", but when I really ask myself if I would like to go back to that time in my life, I'm glad I'm almost retired, lol.

    But yes, expect vulture capitalism to take advantage of people finding themselves in desperate situations, it is always the way.

    Thx
    Thanks from Madeline and bajisima

  4. #24
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    Quote Originally Posted by Kallie Knoetze View Post
    Mr. Bob,

    Reverse Mortgage is a private financial instrument. The government has nothing to do with it.

    Sorry to ruin your screed.
    Sorry to bust your nut but it is backed by the feds.

  5. #25
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    Quote Originally Posted by BigBob View Post
    Sorry to bust your nut but it is backed by the feds.
    Mr. Bob,

    Sorry to ruin your screed, but no, it is not. The Fed is not the Federal Government, and it does not own nor run financial institutions.

  6. #26
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by Thx1138 View Post
    The idea of using a house as an "investment" is in part what got us here. It would be fine if wages kept up, but they haven't and kids these days are saddled with much more debt than we were.

    The result will be an overall decline in property values and also a decline in new housing.

    So, the retirement nest egg that many are counting on, ie: equity in their homes could rapidly deteriorate.

    I like to reminisce about "the good old days", but when I really ask myself if I would like to go back to that time in my life, I'm glad I'm almost retired, lol.

    But yes, expect vulture capitalism to take advantage of people finding themselves in desperate situations, it is always the way.

    Thx
    My parents went to mortgage burning parties, or at least knew what they were.

    My kid thinks she now owns her "starter home."
    Thanks from Thx1138

  7. #27
    Bizarroland Observer Thx1138's Avatar
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    Quote Originally Posted by Madeline View Post
    My parents went to mortgage burning parties, or at least knew what they were.

    My kid thinks she now owns her "starter home."
    My old neighborhood was put up in the mid-1950s and I believe you could get the least expensive model for about $9K, the top model was about $11K.

    We bought our house in 1972 for $21K with a bit off for three "not to code" rooms someone had put in we eventually tore down.

    They also put in a wine cellar.

    Same houses go for $500-600K nowadays.

    I feel VERY fortunate to have been able to get on my feet again and be a property owner, (free and clear) and everything is so cheap I am saving a lot of money.

    Thx
    Last edited by Thx1138; 12th March 2018 at 07:33 PM.
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  8. #28
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by Thx1138 View Post
    My old neighborhood was put up in the mid-1950s and I believe you could get the least expensive model for about $9K, the top model was about $11K.

    We bought our house in 1972 for $21K with a bit off for three "not to code" rooms someone had put in we eventually tore down.

    They also put in a wine cellar.

    Same houses go for $500-600K nowadays.

    I feel VERY fortunate to have been able to get on my feet again and be a property owner, (free and clear) and everything is so cheap I am saving a lot of money.

    Thx
    And a Buick! Don't forget the luxury automobile you've promised me.

    *Winks*

    What I envy most about your little piece of paradise is not the house, although I'm sure it's gorgeous. It's the land. Backing onto a forest......that's my idea of luxury living.
    Thanks from Thx1138

  9. #29
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by BigBob View Post
    Ignore, ignore, ignore. Reverse mortgage is a way for the government to own your house when you die and garner all the appreciation it has accumulated. Saint Ronnie the Ray Goon made it happen.

    A living revocable trust will take care of all the things you worry about.
    Not exactly. A revocable trust is.....revocable. Putting the money up on a shelf where it is less convenient to reach will deter exactly no fraudsters at all.

    Watch a few episodes of "American Greed" where the targets of the fraud were elders. Anything involving annuities, tax planning or life insurance, for starters.

  10. #30
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by BigBob View Post
    Sorry to bust your nut but it is backed by the feds.
    No, it isn't. A reverse mortgage is a sale of your home at a below-market rate, because the buyer will not take full possession until you and your spouse depart the premises, for the grave or a nursing home. The sales proceeds are paid to you in monthly installments, and these payments cease once full possession is transferred to the buyer.

    Arguably, this is a form of life insurance. As such it is regulated by the states, not the federal government, and realistically, it isn't regulated by any government agency interested in protecting YOU.

    There is nothing to guarantee. If the buyer defaults on the monthly installments, they have breached the agreement and the contract is void (or voidable).

    What needs regulation, but will never get it, is the math. If I sell a $500,000 house at age 75 to a buyer in exchange for the promise of $5,000 per month until I die, I have just been robbed.
    Thanks from Thx1138

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