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bad things about reverse mortgages

Reverse Mortgage Tips

Vera Gibbons spoke with Julie Chen about when is a good time for a reverse mortgage and what to look out for.

Should you use a reverse mortgage to delay taking Social Security?

 

Financial advisers often suggest that you delay taking Social Security until full or normal retirement age (FRA) if not later — to age 70.

And the reasons are many: You’ll get 100% of your primary insurance amount (PIA) if you wait to claim at FRA and, depending on your birth year, anywhere from 124% to 132% of your PIA if you wait until age 70; your surviving spouse will receive the highest possible benefit if you delay taking Social Security until FRA; and your monthly benefit will be higher after cost-of-living adjustments than if you had claimed before FRA.

But the delay oftentimes means finding income to make up the difference between what you would have received from Social Security — on average it’s about $1,369 per month now —- and you they need for living expenses.

In recent years, advisers have suggested that Americans do one, all, or some combination of the following to bridge the gap: work; draw money from taxable, tax-deferred or Roth accounts; and use a reverse mortgage.

DSK Defaults: DS Kulkarni continues to promise repayment without revealing source of 'funding'; SEBI and exchanges ...

Pune-based DS Kulkarni group that had defaulted on repayments to thousands of investors is still trying to buy more time. In fact, Deepak S Kulkarni, the group promoter, continue to promise several things to investors. This includes promise for repayment by March 2018 and also threat to commit suicide if investors file a first information report (FIR) against him.

 

However, neither Mr Kulkarni nor DS Kulkarni Developers Ltd, the group's listed unit, is ready to reveal source of this funding. In fact, DS Kulkarni Developers is mandated to update stock exchanges about every price sensitive information. However, there is no update from the company on BSE or NSE websites. Has DSK managed to find a source from where to pay depositors? That would be a significant development and it is mandatory for a listed company to inform shareholders of any significant corporate development. If DSK does not have the money to pay, it is simply misleading its shareholders. One would expect the market regulator Securities and Exchange Board of India (SEBI) and stock exchanges to question DSK about these statements but they are silent.

what are the bad things about reverse mortgage ? what makes it a bad choice?


It's really going to depend on your situation. What are your goals, and when do you wish to accomplish them.

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