If you think you can "work til you drop", your company may have other ideas. Age discrimination is alive and well, and incredibly hard to prove. I was downsized at 67 when my company laid off 12 people all of whom were over 55. They got around the discrimination thing by eliminating our jobs out from under us. Always have a backup plan.
A Carpenter at 40 Your Done with building Houses Unless ur a Foreman. I was both Commercial (Hotels) ur DONE at 55 Unless ur a Foreman.I Quit at 51 RE 🤑🤑🤑. It's BRUTAL Kids don't Do IT !! V Bernie
It happened to my husband too. They hired him back… less pay but as a contract worker. No paid sick leave or time off. No vacation time or holidays paid. Less health insurance. But what are you going to do when you only have 5 years until retirement?
The worst thing about reverse mortgages is that people get suckered into it by actors and celebrities hawking it as a good idea all over social media. My dad was actually looking into a reverse mortgage because he was so sure an actor named Tom S would never recommend it on television if it wasn't a good thing. I hated to have to drive home the point that some people will say anything if they are getting paid to say it.
These actors that do the reverse mortgages commercials make me sick. They know people will get ripped off and they couldn’t care less as long as they are paid well. When I saw “The Fonz” on a commercial I couldn’t believe my eyes. I thought highly of him as he seemed such a nice person. Boy was I wrong. These actors discuss me.
I am senior citizen in hollywood fl living in beach condo paid cash years ago.... used to only cost me $500 month until last couple years, which was no pain at all.... today my hoa commandos have voted to raise hoa fees 50%, tax man increased 50% and the insurance agents went up 100% with half the coverages.....i am thinking about selling and moving up to Georgia
Reverse mortgages are scams, seniors that are up against paying their bills need to sell their house and move in with family. That is best. I helped my mother through some rough times and when she died, I reaped the benefits from her will. I helped my daughter by a house and she had a separate area built in her house for me although I own two properties myself and have no issues with finances. It goes like this, your parent helped you when you were young, time to step up and help your parents.
Not a scam. Highly regulated loan by the FHA and HUD. It is not for everyone, but it helps millions of people keep their homes and live decent lives free of debt.
That's great. But why can't they start it in 2024. The government takes it's time for anything to benefit citizens. But when they vote themselves a raise, it happens overnight. Anyway, congratulations!
Wow. Really,had no idea about that jersey policy. I will bring it ti friends attention. At least democratic Murphy is really trying ti turn that high tax jersey around...finally..amen❤🎉😮
My mom died from cancer in 2017. She was financially well off but she was convinced by the bank to get a reverse mortgage. It's sick how much money the bank got from her home. My brothers and I got practically nothing. If you're elderly and you need the money, I'm all for reverse mortgages. I am, however, against predatory behavior from banks, institutions, and our government. Many elderly people are duped into taking out reverse mortgages. Also, who's going to hire an elderly person instead of a 20 - 30 year old? It's so sad.
What you said is very true. But when you are elderly, you are really not in a position to have a job anymore. Our bodies don't hold up so well in old age. 😢
@@zipcode9 Why should an elderly person have to work to the bone? OMG, they've worked their whole lives, especially women. Most women do the cooking for the family, clean house, and do the laundry. When are they going to get a break? When they are forced into a retirement home where they have to eat fruit cup and watch Wheel of Fortune every day? Insane. We must respect our elders. The problem is, we don't.
Actually, SSA is only going up 3.2%... on a tiny bit of money. For me, with good health and on no prescription drugs, just the increase in my medicare and medigap plans alone will totally eat up every penny of my miniscule increase. Not a penny left for the increase of everything else.
@astridgalactic9336 Even though the government stated the inflation was in their words increased 8.5%. The US is pissed and the government is not listening.
Even if you can make the mortgage payment, etc . now . How long can you do it on a SS check before taxes , home owners Insurance and utilities go up and price you out of the house anyway ? Not even mentioning repairs and upkeep .
A friend of mine, whose income, shrank, terribly, decided to take a reverse mortgage out on her house, her payment wasn’t large in the first place, but she couldn’t even afford that for the mortgage. So from that perspective, it helped her out a lot, but when looking at her closing statements, she had a $95,000 mortgage on the house still remaining, She doesn’t have the $850 month payments anymore, yes, however, her closing costs on the reverse mortgage were over $19,000. That was just ridiculous, I mentioned that to her but she said she just doesn’ have any other choice. Multiply that times the number of Reverse mortgages and those companies are making out like bandits on seniors.
@@jimshoe402 Another viable option is family helping family, instead of a societal model of each generation being carved up into individual commodities for finance, which is a unique feature of finance cultivating and then harvesting all of a nation’s wealth. Scraping off individuals with a unique identifier (that by regulation was not to be used for anything except social security, but then was really used by finance, that then created a national credit system with individual scores, first used for the national credit (really debt) system, now used for renting, employment, insurance, and the implemented surveillance and punishment system. All of this, “new use” just since the 1980’s, beginning with TransUnion. How easily the Democracy of the Constitution and the Bill of Rights crumbled under the hand of Finance.🏦
I am a resident of Pasco County, Florida. In an unincorporated area of the county. Got my 2023 tax bill today and it went up 11.4%. The school board sets their own rate and that is where the majority of the problem is at this time. Because of all the influx of people from up north and other areas, new schools have to be built for the influx of the kids. I'm 78 and I should not have to fund schools any longer. My child went to a private school and I had to pay that tuition as well as taxes for the county schools. We are going to be taxed out of our homes. Ridiculous.
I absolutely agree! Seniors are on "Fixed Incomes" and have paid their "Fair Share" of SCHOOL Taxes for decades along with some paying for PRIVATE school because our Public Education System in this country SUCKS. I believe that if you are 62 or older and do NOT have any children (grandkids or under the age of 18) living in the home you should NOT have to pay SCHOOL taxes. You should however still be expected to pay County/Municipality/City taxes though.
Condos should be illegal people have a right to own their own homes. HOA'S fees are rents totaling thousands of dollars to your monthly expenses. They can increase the monthly fee to any amount they want to and if you can't pay it they foreclose on your home. This is in my opinion Mob Controlled housing and one day their gonna feel the repercussions of their blackmailing homeowners. You own nothing in a HOA community and they take and take and take and need to be brought up on criminal charges.
@@MichaelBordenaro No, I think due to the world demographic crisis that's going to be the norm. The workforce is shrinking against the size of the SS and medicare population. Which means either taxes need to go up (not going to happen) or benefits are going to be reduced (definitely going to happen). So if you haven't been saving for retirement you better have children.
Senior citizen who chose to lead a carefully planned life here. Most people are fools. Don't be one. Do not live in cities unless you are rich. Do not go in debt for expensive homes. Do not buy new cars. Do not buy anything for "clout". Do not "buy" condos because UNLESS you own your entire home and the lot it is on, you don't really own anything.
Disagree about the new car bit, I bought a new Toyota Camry in 1996 for $19k it's 27 years old now and has done 207,000 miles. Has never missed a beat, lots of new oil and coolant and in 2007 it needed a new starter motor. But we financially recovered from that $200 expense. :-)
@@tonyjourneyman1944 Toyota Camry CSI is a really special car. We bought ours in 1990, and the only thing that needed doing to it was replace the regulator on the alternator every 10 years or so. The car, which we named Camilla, would let us know! We kept up with services and grease and oil changes, and gave it in lieu of payment of A$1,000 for plumbing work done on our property. Camilla had travelled over 300,000ks by that time. The fellow said he wanted it for parts, but ended up still driving it around.
Big pensions s to fund, some public employees are cashing in, university professors in the millions, jr college admin staff directors, professors well over a hundred thousand a year in California, I’ve heard of school teachers pensioning at 100 thousand.
I know a teacher who makes 130000 a year teaching middle school. Suburban columbus ohio where school tax is the worst. It's getting to be the highest property tax in the country.@@miket1181
My old oceanfront building in Pompano Beach, condo fees are going up to over $2,000/month from $580/month for repairs due to old age (built in 1960) in the assessment after building inspector slapped HOA with humongous repairs such as complete concrete restoration. This all happened because of the building collapse in Miami in June of 2021.
End up in a facility? If you can't pay property tax, the county throws you into the street! This after years of years of your property tax paying for the auditor/treasurer's office salaries and the stinkin schools and children's services, blah blah blah all kinds of stuff that doesn't benefit the property tax payer in the least. I know 3 people who have hecm's (reverse mortgages). None of them had to make a down payment. They had balances on their mortgages, and the mortgages were paid off. Then every month they get a statement that shows how much they have in their account and how much the bank will get if they sell or leave or die. They use their hecm's for different things. One couple has been traveling a lot, one uses it just to exist and one hasn't touched it and it's built up over the years into a nice savings account. You can plan all you want. The best laid plans of mice and men. But you never know what horrible things this life can hurl at you, and you can't always recover. It's all the luck of the draw, some lucky some not.
We plan on retiring in the next 5 or 6 years. We thought about retiring to Florida at one time, but it's off our list now. Even if we pay cash for a house, the combined property tax, insurance, and possibly HOA fees would be more than I would want to take on after we are no longer getting income from working. Owning a house in Florida could cost several thousand dollars a month, not including maintenance, even with no mortgage.
There are places in Florida that are cheaper. But all of Florida isn't all palm trees and beach, Disney, or the high raises you see in this video. Northern Florida is very different than south Florida or anywhere near the ocean/gulf. Of course these places are less desirable both in weather and nice homes. Mostly north of Orlando up in farming country. Bet you have never heard of many of these towns, like Lake Placid (south of Orlando) towns along I-10 and into the panhandle. But you won't be living the Miami lifestyle.
Right now owning anything and having to deal with contractors, and maintenance guys is terrible. They’re not hungry, so they show up with ridiculous quotes for simple things like fixing a toilet.
It would be very helpful if you could show some representive examples of how the finances work out with reverse mortgages based on current interest rates.
I’ve owned houses and a condo and I will say that Yes you do have some ridiculous HOA problems, but at times it’s just so much easier taking care of a condo. You only have to repair what’s inside the house.
My property taxes froze when i hit 65 years old. Will never go up. Also, i have no HOA. If insurance skyrockets, I will just drop it. So, I don’t see how I am in danger. My living costs went down - no more commuting so no wear on my car, clean my own house, etc. Some home repairs but not a backbreaker.
@xmarine: I am currently in your same situation. After my property insurance increased to over $5000 annually, I dropped my policy. The HOA monthly fee on my townhouse is now $320. While I still can get by and keep my house, a great danger lurks in silence. If a hurricane destroys my home or causes a great deal of damage, I am screwed.
I did. My whole life they have been taking it out of my paycheck. Educate yourself if you are able. And I do not run to the doctor for a cold. I do not run to the doctor for anything. So basically, I do not even use Medicare that I paid for you ####.
What doesn’t get mentioned is that Florida has no state income tax… services like police, fire, schools, roads and sewer all get paid from property tax. There is no free lunch. As to HOA fees doubling and tripling…blame the previous owners who refused to raise dues and deferred as much maintenance as possible…now the building is deteriorated and the present owners get stuck with the bill….again, no free lunch folks!
@@PhilosopherKing73 I forgot about no state income tax. I use to live in FL in high school. In AZ, we have state income tax, property taxes, sales taxes that can be quite hefty depending on which city you shop in, and many fees and charges on utilities and such, hefty car registration, etc etc.
I downsized to a condo. Paid cash with profit from selling home in 2021. There seems to be an endless amount of tiny home builders online. What have you experienced?
Yes there's a place in TN called Incredible Tiny Homes, they build them and are on youtube. They also own multiple pieces of land where you can put them and lot rent is low.
the tiny home community in Newport TN doesn't interest me, love the idea but not the location. Hopefully there will be more communities like that in more desirable areas.
Another monster is medical debt. This can force the hand on a reverse mortgage. My parents divorced 45 years ago and my dad and the rest of us were pretty much estranged. He didn't take good care of his health and passed with a ton of medical debt. Basically his entire estate had to be sold to pay for the debt. So even without a reverse mortgage, the home can go away. Reverse mortgages exist to profit on people in bad situations. But even if you don't take one, you can lose a home.
That is the norm today, as the system was turned over to private institutional finance to scrape every dime off the elderly (and everyone else). There is no advantage to a social security tax, that is then taxed when you receive it (a huge fundamental change in our nation). Then a Medicare Advantage privatization that is currently wasting billions of tax payers money, while at the same time denying claims when the elderly really need serious care. This is institutionalized fraud corruption. And our courts, filled with a fake “ethical” legal system play along. There are Senate investigations right now, into this fraudulent system created by the exact same corrupted entity, Congress. The people of the United States are constantly being betrayed by “flim flam” corrupt deregulated business graft changing the conditions on the ground through government corruption. We all know this to be the reality here. We are essentially right back to the early 1900’s in the way we operate, a time when a working class was not a middle class. The lack of protection for citizens is a huge 3rd world problem, existing right here, and the real statistics of injustice and poverty show it, clearly. All we need is the 3rd world permanent walls between the haves and the have nots, as clearly denoted in our rarified cities. Of course, HOA “Disneyfied” manicured landscaping included.
@@JamesDeWalt909 But you have to plan years in advance to put everything in someone else’s name, many are not that trusting, and many have no one that has expertise and ethics to manage the elderly’s affairs that optimize them staying in their homes until death. Especially in a place like Florida, where the insurance landscape is now causing the “owners” to put new roofs on every 10 years, new HVAC, new water heaters, etc. with continued gouging on premiums requiring riders on all peril policies that you had better read very carefully, because most policies actually are written to legally defraud the owner, and they are not paying out normally, because Florida allows the industry to depreciate the asset under Florida insurance “deregulation” to accommodate their insurance LLC’s fraud. Not everyone has a financial and legal expert in the family they can trust to navigate the increasingly parasitic industries enabled through government. Luckily for my father, I was able to convince him he needed a trust, and when times got tuff, he trusted me to be the trustee. The financial predators come out in force to scoop up the assets, not just organized crime, but also organized institutions, aka banks, hospitals, courts, everything is now set up to siphon off any assets. I was not just a co-trustee, but also his durable power of attorney. One needed to put the bank in it’s place, the other needed to put the medical industry in it’s place, not to mention all the regular business criminals. Because I was pro-active, the court system never got close, but it is also a huge scam depleting estates to enrich the legal industry. The United States had created a rough last decade for our elderly. Our government, all three branches, should be publicly shamed by what they have facilitated in this nation. It’s the creepiest thing going on inside of our finance you could ever imagine. The only documentary I’ve ever seen that describes exactly what has happened here, through our private institutional finance (very quickly while Americans were turned to attack each other by politicians & media, to distract us, and divide & conquer our nation’s citizens), it’s about what U.S. finance did in Britain, beginning in the same period of finance’s globalization plan, it’s called “The Great NHS Heist”, which was just recently 100% completed, against the will of the people. You can watch it right here on RUclips.
There are a lot of nice mobile home 55+ communities near me. Many have decent amenities and are priced $90-160K. The nicest part is that they seem to look out and take care of each other especially the oldest residents.
Great informative video. My relatives i showed this to immediately called their buying agent (realtor) and put these questions to them. Turned out, your information here saved them. They cancelled the purchase of the Condo they were all set to buy. Of course the selling agent, and their own buying agent werent at all happy about it...trying to talk their way around these negatives. And they are out the money spent on title search & home inspection...but they are certainly glad you saved them, anyways.
My friend's mother got an unneeded reverse mortgage. The predatory sales woman courted her and became a close "friend" (stopping by often) while convincing her to do this. You have to stay in the home with a reverse mortgage. So, she had to sell 6 months after getting the reverse mortgage, because she couldn't climbs the stairs after an injury. She lost so much money when she sold to move into assisted living.
Thanks for the info Michael. Seniors who rent are in a worse situation than the homeowners. Not unless they can get into a senior house complex; wait lists are years long.
Here in St Augustine, RE tax is up 2.2% over last year. I checked with our county and most of RE tax money goes toward increasing the salary of county employees.
The Florida Orange County Commissioners and Mayor just voted themselves a 25% salary increase. I know a lot of people across this county but no one that’s gotten a 25% raise from the same job! 😢
@@Purpletip99no one’s wages are increasing, Orange County is disgraceful giving themselves a raise while so many are in deep financial ruin. The whole government is disgusting
I am retired and live in Iowa. My house is paid off. My home costs me $143 /month for property taxes & $74/ month for homeowners insurance. I estimate $150/month for maintenance. I could not rent a 1 bedroom apartment for that cost. Iowa just raised the homeowner property tax deduction for owners 65 & over starting next year.
Wow! I wish I had those low property taxes and homeowners insurance. My house is paid for too...But my property taxes are $400 a month and my homeowners insurance is $300 a month. Still cheaper than renting an apartment in a nice neighborhood.... $1500 and more a month.
Thanks for talking about senior citizens and their struggles. My dad quit his job when he was 50 years old and lost his 401k retirement savings trying to create his own business. My parents now have a mortgage with more than 22 years left to pay on it, and they're both around 75 years old. They can't afford anything other than their immediate needs (housing, transportation, food, and medical care). They're spending their golden years at home instead of traveling or enjoying their retirement.
He did t lose anything, he made choices way too late in life. This is their own fault. They know they won’t be able to pay and are expecting you to do it.
This new ticker/flip thing with RUclips showing the number of viewers/watchers and how many likes you are getting every 17 seconds is utterly fascinating. I just keep staring at it!
I've been tied up in an HOAfor years & never again. They are not worth what they charge you. Too, I just sold a big house I lived in for 23 yrs. I'm paying cash for some land & having me a manufatured home built on it, the small size I need & for much less so I can afford to travel & enjoy retirement instead of being tied down with a big house. Houses are not even worth half of what they are asking for them today & the taxes should be illegal. Past time to speak out & fight back for a change.
I had a condo in the Tampa Bay area, near the Gulf. (Pinellas County) A well kept condo which is getting old. Nice to have the lawn mowed and the leafs raked, and a club house house with a nice swimming pool. But I hated the idea of not being able to put a lawn chair outside more than 2 feet from the building without being reported to the main office. I swear many of the residents spend their day watching their neighbors and reporting infractions to the HOA office..
I bought 10 acres in central Texas, however, if/when I decide to build on it, I'm building an actual house. Don't cheap out on your retirement home. Manufactured homes are cheaply made and not nearly as quality as a brick or cement block house.
I agree. I’m 52 with plans to eventually move to FL. I don’t even want those new homes they build just because I know the quality is poor. And I don’t need the size either. I’d like an acre or two with a small house. Perfect!
I have cheap land that I can throw a starplate dome cabin up on, sell my house, live offgrid for nearly nothing. That is my whole retirement plan. Not hard to do.
I always thought a Reverse Mortgage was the a bad idea, but never looked at the details. Thanks for going through all the pitfalls. Glad we paid off our mortgage a long time ago.
My dad did a reverse mortgage. Now he can't move and the neighborhood has gone to shit. Can't even borrow money for major repairs. House is falling apart around him.
Ofcourse I'm not surprised. Look at what this group did opening up our southern border. They have all kinds of funds for these non citizens and god knows who they are but not for the elderly American who has contributed all of his life.
After the high rise condo collapse , I would think condo prices would be way down in Miami. High humidity makes things deteriorate . I also read that Teslas and other EVs are so heavy they put stress on buildings .
Florida is a terrible place to retire now. The worst part for senior homeowners is house insurance. Not only have the premiums sky rocketed and continue to do so, the companies threaten to cancel policies if homeowners don't replace a perfectly good 7 year old roof or re-do a carport or whatever else the insurance company feels like demanding. Then, top it off with companies fleeing the state and the choices for insurance are minimal so they are free to hold you hostage. Retirees now have to plan on house insurance and property taxes and at least 15k to 20k every 7 years to replace your roof and then whatever else they come up with to demand of you and that doesn't even include your normal maintenance. But, renting is not really an option for many at the current prices either. It used to be feasible to pay off your home and live in it until your death even if you only had a small social security check and maybe a tiny pension (total under 2k per month). I've had several relatives do it. But, it appears those days are waning very fast. I don't know if it will be possible for me even though our house is paid for. What about if one spouse dies and then there's only one fixed income? Florida is a nightmare for seniors on fixed incomes now. Where's the new retirement mecca because it isn't Florida anymore?
Arizona is out due to the same price issue. Plenty of cheaper land in Texas, but raw land is going up in price because people are wanting to live outside the city.
Vietnam is attractive for American expats, and you can get around the citizenship thing by becoming a business owner/investor, if you can get by without speaking the language, it is a good life from what I hear and your dollars go a lot further than here in the US. I also hear Medellin Colombia is a hot spot for American expats and real estate investors.
Yes, and it's all happened within less than 5 years. Amazing how quickly things have completely changed and yet no one in charge seems to be addressing this. This is a MAJOR issue in our country.
You are doing a great job educating all of us. When I read people are "flooding to Florida" from California and Oregon, all I could think was how horrible it will be for them if Florida turns out to be as awful as where they just left. But God provides.....Peace Out.
@@thisresinates5655Oregon is beautiful, what are you talking about? Im from Wa state by Canada, now I live in Illinois. The pacific northwest is gorgeous.
It just sucks that a beautiful 1br apartment in Miami used to run $1800-2000 just 24 months ago, and now those same units are around $3000-3400+ depending on the area. It's disgusting how bad people are getting taken advantage of by the property management. They sense people can't afford homes, and know they must rent, and instead of filling up all the vacant luxury condos and apartments, they're jacking the prices up by 30-50% and letting them sit empty until people cave in for wanting to be there vs non very appealing places in the US. I still want to return and hope the rental market corrects itself in the right direction this winter, but the trend in Miami has been to keep pushing low income people out, keep pushing elderly out, and keep twisting the knife in the loyal people who are capable of paying and are working class and making enough to survive, but make the image of everything "more luxury" aimed to justify ridiculous lease increases year over year. It really is a system tailored to rewarding cheaters like the drug runners, sugar baby tik tokers who sell their bodies, foreign financial crooks/people laundering their overseas stolen funds, and other shady types there for a good time not a long time..while all the people who moved there to actually build a quality life of happiness are getting the boot 😢
Florida has been the real estate scam capital in the US for the past 28 years. There's just no end to this garbage between the realtors, home builders, insurance companies, home repair companies (especially roofing companies), HOA's, Lawyers, and of coarse the greedy tax assessors. I moved out of that sh*thole state and relocated in a real nice rural area in Georgia on a 1 acre lot with a brand new double wide mobile home with a well system for our water (no more $300/month water bills). My property taxes are around $260 per year including garbage pick up. My home owner's insurance is about $780 per year. Also my mortgage is a 30Yr fixed at 3.75%. My total mortgage incl taxes and insurance is $649/mo. We have nice neighbors and NO crime whatsoever.
The only color that Capitalism cares about is green, Edward. I don't want America to ever be socialist like Canada. Federal Government found out what happens when you give Americans free money and now people are understanding why you shouldn't do it. The market should determine who sinks or swims, not government.
Commenters are woefully uneducated. What you just described is an economic principle called the Cantillon Effect. It comes from an 18th century economist named Richard Cantillon. He described the uneven effect inflation has on goods and assets in an economy. Since new fiat money is injected at specific points, its effects are felt by different people and industries at different times. This usually means that the uber-wealthy move in and buy luxury items which drives up prices in a given economy or area. That price rise causes other prices to rise and pushes out the locals who served as a mere workforce in said area. A good example of this effect was the low-rent SoHo area of New York of the 1960s, first populated with struggling local artists but then was taken over by the elites who invested in original art and luxury goods.
@@kathrynj.hernandez8425 The stimulus during 2020 was a horrible idea. The Fed needs to stay out of the market and let the market determine what happens. We shouldn't be bailing out corporations, banks or anyone. That is the only way we will return to prosperity. May take a decade or two.
And Orange County, CA misses you-&-Lisi dear -“Real Estate Bro AND Dog-walker sis” 😁 😎👸🏻🌴 ☀️ ! // Yeah It was 79 degrees today but yet it was nice .. not humid .. etc.. it’s normally a Lil cooler in OC than LA area which is nice .. Anyway- Thanks for bringing us “MB News & Views” Michael! When ya gonna do that Q&A show.. (?) 👏😜
I vacationed in the West Palm Beach in September, first trip to Florida. It was nice, near the beach, however it was not worth what my friends was paying for his condo. The juice is not worth the squeeze.
I'm 70, retired, and live in the panhandle near enough to water that I have Citizens insurance to cover wind. My wife and I have a good retirement, I retired from the army and retired as a school teacher (13 years) and my wife is a retired teacher, we both draw social security. Even though we are comfortable I always feel like there is a financial storm cloud hanging over our heads. I'm starting to look inland, far enough from the coast to get Citizens off my back and down size my one bedroom. We live in a time where you should, regardless of how well you are doing to look alternate courses of action when it comes to our financial well being.
Undoubtedly, people have so much spare cash. I expect property prices to go up 50000000000% over the next week. I believe next week, an average house will cost more that 100 trillion.
Seniors here...no mortgage as planned. Getting property taxes fixed based on income via tax return proof. New Mexico tries to help the seniors. Green house is all covered and greens are going! Grew sunchokes for first time. Yum! Water views, thanks!
@@DIVISIONINCISION , you interestingly, didn’t mention about the crime in Florida, it’s off the charts there too in case you didn’t notice. And that’s good old Ronnies territory. Nor has he done anything to help the people in regards to insurance and taxes there.
Yep. There's nothing quite like a good old fashioned property tax and insurance fucking. Anybody seen the State Farm CEOs bonus $ recently? Oh, and in our tiny little community, our commissioners corn holed us. Reassessed and raised the mil rate in the same year.
My son is a college student. Once you are no longer a freshman, you must move off campus. It’s Umass Amherst. The cost of his two bedroom apt rental is $3200.00 Much more than my mortgage. My twenty five year old’s two bedroom rental in Boston is $2600.00 plus utilities on both btw. These are just modest apts i should add. I’m sad that home ownership will probably never happen for them. It feels like a broken system. And it makes me really scared. I really appreciate your videos. They help me understand what’s happening! Thanks so much!
If a senior citizen owns a home with decent equity they are still better off than a lot of people their age. Worst case scenario they can sell and take their equity and rent which is a far better idea than a reverse mortgage. A lot of retired people don't even own their homes and don't even have that option.
I believe we will see that change as more and more people don’t want to get a new mortgage with a higher rate they will not be more inclined to pay off their house, then to move up in size
Why/ The nephew got a rebab house with two acres for 55k. The house will be like a brand new home for about 120k ( he's almost done). So he buys another house to flip for 80k. This is in the in the panhandle.
You are spot on with this , 100% accurate. As a former mortgage loan processor, these condo documents and associated questionnaires were an absolute nightmare to deal with. You would have to first obtain them from the condo association, usually at a cost of $200-500 per copy. Then the mortgage underwriters would nick pick the h*ll out of it before approving a purchase loan or refinance. FNMA guidelines were absolutely insane with the level of minutia they imposed. Needless to say, people pay attention to what Michael is saying if you are even considering buying a condo. This is sound advice!!
Thanks for doing this one Mike. Reverse mortgages are dependant on interest rates and even these companies are hurting now with low sales/loan originations. Close friend of mind said they used to make cash hand over fist but now out of work.
I never thought I'd live long enough to eventually see something be worse than buying a timeshare come along. They are horrible but most people don't actually use timeshares to live in so if they take it, who cares? If they take your condo, you're homeless.
Very relevant video. Think of it, Michael; the FED and BLS held the CPI and therefore the COLA at zero for more then 20 years. That means seniors got zero increase in their social security for 20 years despite inflation (real cost of living---food, rent, etc) running over 10% for most of that time.
Look at the inflation adjusted median household income. The 1999 peak was only surpassed in 2015. Incomes went higher from 2015 to 2019 but are now down from their 2019 peak. You can't give more money when real incomes are down.
Love your videos Mike, but you mentioned that by law seniors have to pay a down payment to get a reverse mortgage which is NOT correct. As a reverse mortgage professional, I can tell you NO down payment is required to originate this type of loan.
@@kathrynj.hernandez8425 obviously you need to be careful who you choose. People should start with asking people you know if they know someone looking for housing. Lots of seniors looking to reduce costs. I have 2 friends living with me. It covers property costs with a bit left over.
If you think you can "work til you drop", your company may have other ideas. Age discrimination is alive and well, and incredibly hard to prove. I was downsized at 67 when my company laid off 12 people all of whom were over 55. They got around the discrimination thing by eliminating our jobs out from under us. Always have a backup plan.
A Carpenter at 40 Your Done with building Houses Unless ur a Foreman. I was both Commercial (Hotels) ur DONE at 55 Unless ur a Foreman.I Quit at 51 RE 🤑🤑🤑. It's BRUTAL Kids don't Do IT !! V Bernie
A good rule in life - always have a Plan B. An exit strategy. A backup plan. Whatever you call it, be ready for sudden unexpected changes.
It happened to my husband too. They hired him back… less pay but as a contract worker. No paid sick leave or time off. No vacation time or holidays paid. Less health insurance. But what are you going to do when you only have 5 years until retirement?
Same thing happened to me, at 60y.o., also two of my friends.
That SUCKS!
The worst thing about reverse mortgages is that people get suckered into it by actors and celebrities hawking it as a good idea all over social media. My dad was actually looking into a reverse mortgage because he was so sure an actor named Tom S would never recommend it on television if it wasn't a good thing. I hated to have to drive home the point that some people will say anything if they are getting paid to say it.
HAH! I'd like to see one of those wealthy celebrities with a reverse mortgage! Ain't gonna happen.
These actors that do the reverse mortgages commercials make me sick. They know people will get ripped off and they couldn’t care less as long as they are paid well. When I saw “The Fonz” on a commercial I couldn’t believe my eyes. I thought highly of him as he seemed such a nice person. Boy was I wrong. These actors discuss me.
@@juliegotshaw -- I'm with you on that! And they're all rich, so THEY'LL never have to bite that poison hook will they!
Marketing (lies) is at the very core of vulture capitalism . America is eating its young …
I am senior citizen in hollywood fl living in beach condo paid cash years ago.... used to only cost me $500 month until last couple years, which was no pain at all.... today my hoa commandos have voted to raise hoa fees 50%, tax man increased 50% and the insurance agents went up 100% with half the coverages.....i am thinking about selling and moving up to Georgia
What's the current monthly fee?
I don’t blame you it’s quickly becoming unaffordable down here
It was foolish to buy a condo in the first place. Should have bought a house.
Sell and leave for freedom! Condos are a scam and you can buy land with detached housing in GA or SC cheap. I did and love it.
Used fto be $175 month for past 20 years- three years ago HOA fees were raised to $400 a month, then $535 a month, today $750 a month.
Never buy a condo and never buy a property that has an HOA. Also reverse mortgage mainly benefits the banks.
I bought a duplex with an HOA. Both owners shelve the HOA and so far, took care of our units by sharing expenses, but only for the exterior portion.
Don’t take a reverse mortgage. DO NOT.
My brother did that in his old age.
It was disastrous.
Please share the details. Simply saying it was disastrous doesn’t paint a picture or teach us anything.
No one ever explains
It's only a boon to the mortgage co. The proverbial "if it sounds too good..." comes to mind.
Was it disastrous b/c you or his kids had to deal with it after he died? Why was it disastrous? A follow up would be greatly appreciated.
@@genxx2724the phrase reverse mortgage is terrifying. Literally is reverse death. Sounds like a zombie.
Reverse mortgages are scams, seniors that are up against paying their bills need to sell their house and move in with family. That is best. I helped my mother through some rough times and when she died, I reaped the benefits from her will. I helped my daughter by a house and she had a separate area built in her house for me although I own two properties myself and have no issues with finances. It goes like this, your parent helped you when you were young, time to step up and help your parents.
Not a scam. Highly regulated loan by the FHA and HUD. It is not for everyone, but it helps millions of people keep their homes and live decent lives free of debt.
If they will be helped most want to do it on their own by their rules it’s crazy
Move in with family? Who says family wants them. I sure don't...
There are a lot of seniors about to lose their homes due to rising taxes, HOA fees, medicaid claims and more here in Texas. It is a crying shame.
NJ just passed a new bill that is now law. As of 2026 if your 65 and a home owner your taxes are 50% off up to $7,500… it’s a game changer for me!
Jersey isn't exactly the place I envision in retirement. East coast in general is not where I'd want to be in the Winter.
That's great. But why can't they start it in 2024. The government takes it's time for anything to benefit citizens. But when they vote themselves a raise, it happens overnight. Anyway, congratulations!
@@benton-benton I don’t make the laws..
Wow. Really,had no idea about that jersey policy. I will bring it ti friends attention. At least democratic Murphy is really trying ti turn that high tax jersey around...finally..amen❤🎉😮
@@DIVISIONINCISION it’s where my family is…
I am retired and happy to rent, and there is no need to own a $$ house just to leave to ingrate adult kids.
I'm elderly and I'm really feeling the bite.
I believe it
A local man 70 yrs old just got arrested for robbing a bank,, this is so sad to me
He started late!!!
IT WAS ON HIS BUCKET LIST
@@dannymeske3821 I always say if you're going to steal money, go big!!!
"Going in Style" (the 1979 one) -
Payback.
If you can’t pay the property tax you can’t afford rent. A paid off home is one of the strongest investments into retirement.
My mom died from cancer in 2017. She was financially well off but she was convinced by the bank to get a reverse mortgage. It's sick how much money the bank got from her home. My brothers and I got practically nothing. If you're elderly and you need the money, I'm all for reverse mortgages. I am, however, against predatory behavior from banks, institutions, and our government. Many elderly people are duped into taking out reverse mortgages. Also, who's going to hire an elderly person instead of a 20 - 30 year old? It's so sad.
What you said is very true. But when you are elderly, you are really not in a position to have a job anymore. Our bodies don't hold up so well in old age. 😢
@@zipcode9 Why should an elderly person have to work to the bone? OMG, they've worked their whole lives, especially women. Most women do the cooking for the family, clean house, and do the laundry. When are they going to get a break? When they are forced into a retirement home where they have to eat fruit cup and watch Wheel of Fortune every day? Insane. We must respect our elders. The problem is, we don't.
@@davidhunternyc1 Work and Marry,Save Smart..🤑🤑
@@jimshoe402until you get a devorce and all that saving gets taken 😂
I'd offer to pay the mortgage for them if they would allow it.
True message, even 7 months later. Thanks Michael, great video. 😊 Good luck to you, your family, and us all!
Everything went up 50-90%. Social security goes up 3.5% i think this year. Totally legit.
Actually, SSA is only going up 3.2%... on a tiny bit of money. For me, with good health and on no prescription drugs, just the increase in my medicare and medigap plans alone will totally eat up every penny of my miniscule increase. Not a penny left for the increase of everything else.
@astridgalactic9336 Even though the government stated the inflation was in their words increased 8.5%. The US is pissed and the government is not listening.
Even if you can make the mortgage payment, etc . now . How long can you do it on a SS check before taxes , home owners Insurance and utilities go up and price you out of the house anyway ?
Not even mentioning repairs and upkeep .
I knew from a young age SS alone would not be enough to retire on. Worked 30 years to receive my pension & now work temp jobs.
Why did you think you can live on ss? It’s not supposed to be lived on, it’s supposed to be supplemental.
Protect our seniors!
No RE taxes after 65.
Yes $500 is too much a year
So right. I want to stop paying Medicare taxes as I get no benefit.
Try thousands a year💯🤡🌎😩🥵
Agreed!
only if you live in a trailer, in okeefenokeeland. @@josefj1776
A friend of mine, whose income, shrank, terribly, decided to take a reverse mortgage out on her house, her payment wasn’t large in the first place, but she couldn’t even afford that for the mortgage. So from that perspective, it helped her out a lot, but when looking at her closing statements, she had a $95,000 mortgage on the house still remaining, She doesn’t have the $850 month payments anymore, yes, however, her closing costs on the reverse mortgage were over $19,000. That was just ridiculous, I mentioned that to her but she said she just doesn’ have any other choice. Multiply that times the number of Reverse mortgages and those companies are making out like bandits on seniors.
sell the house move on..
@@jimshoe402 Another viable option is family helping family, instead of a societal model of each generation being carved up into individual commodities for finance, which is a unique feature of finance cultivating and then harvesting all of a nation’s wealth. Scraping off individuals with a unique identifier (that by regulation was not to be used for anything except social security, but then was really used by finance, that then created a national credit system with individual scores, first used for the national credit (really debt) system, now used for renting, employment, insurance, and the implemented surveillance and punishment system. All of this, “new use” just since the 1980’s, beginning with TransUnion. How easily the Democracy of the Constitution and the Bill of Rights crumbled under the hand of Finance.🏦
No wonder all these Italo Americans are returning ..,,
Reverse mortgage is a scam, if it’s too good to be true, it isn’t!
I am a resident of Pasco County, Florida. In an unincorporated area of the county. Got my 2023 tax bill today and it went up 11.4%. The school board sets their own rate and that is where the majority of the problem is at this time. Because of all the influx of people from up north and other areas, new schools have to be built for the influx of the kids. I'm 78 and I should not have to fund schools any longer. My child went to a private school and I had to pay that tuition as well as taxes for the county schools. We are going to be taxed out of our homes. Ridiculous.
I absolutely agree! Seniors are on "Fixed Incomes" and have paid their "Fair Share" of SCHOOL Taxes for decades along with some paying for PRIVATE school because our Public Education System in this country SUCKS. I believe that if you are 62 or older and do NOT have any children (grandkids or under the age of 18) living in the home you should NOT have to pay SCHOOL taxes. You should however still be expected to pay County/Municipality/City taxes though.
Condos should be illegal people have a right to own their own homes. HOA'S fees are rents totaling thousands of dollars to your monthly expenses. They can increase the monthly fee to any amount they want to and if you can't pay it they foreclose on your home. This is in my opinion Mob Controlled housing and one day their gonna feel the repercussions of their blackmailing homeowners. You own nothing in a HOA community and they take and take and take and need to be brought up on criminal charges.
Im part of my HOA board. What I’m seeing is our seniors selling and going to live with relatives.
Yeah, I’ll bet that’s gonna continue the case over the next several years
@@MichaelBordenaro No, I think due to the world demographic crisis that's going to be the norm. The workforce is shrinking against the size of the SS and medicare population. Which means either taxes need to go up (not going to happen) or benefits are going to be reduced (definitely going to happen). So if you haven't been saving for retirement you better have children.
@@rathelmmc3194 Having kids doesn't guarantee anything. Some kids are worse off than their parents.
And many kids don't want anything to do with their parents.@@DIVISIONINCISION
@@DIVISIONINCISION better guarantee than the government.
Senior citizen who chose to lead a carefully planned life here. Most people are fools. Don't be one. Do not live in cities unless you are rich. Do not go in debt for expensive homes. Do not buy new cars. Do not buy anything for "clout". Do not "buy" condos because UNLESS you own your entire home and the lot it is on, you don't really own anything.
Indeed. Condos are a scam. You own the "space", not the walls and not the interior. We're talking about air here.
Disagree about the new car bit, I bought a new Toyota Camry in 1996 for $19k it's 27 years old now and has done 207,000 miles. Has never missed a beat, lots of new oil and coolant and in 2007 it needed a new starter motor. But we financially recovered from that $200 expense. :-)
@@tonyjourneyman1944 Toyota Camry CSI is a really special car. We bought ours in 1990, and the only thing that needed doing to it was replace the regulator on the alternator every 10 years or so. The car, which we named Camilla, would let us know! We kept up with services and grease and oil changes, and gave it in lieu of payment of A$1,000 for plumbing work done on our property. Camilla had travelled over 300,000ks by that time. The fellow said he wanted it for parts, but ended up still driving it around.
@@cordeliav3055we sold ours! Got $1800 for it. decided to take a plunge on a new one, this time a subaru cross trek, we shall see!
And even then you STILL don't "Own" it. Don't pay your Property or School Taxes you can still Lose it to UNCLE SAM
Abolish property tax. My friends in Europe couldn’t believe how the government here is scamming people with property tax 🤷♀️🤦♀️
It's extortion.
Big pensions s to fund, some public employees are cashing in, university professors in the millions, jr college admin staff directors, professors well over a hundred thousand a year in California, I’ve heard of school teachers pensioning at 100 thousand.
I know a teacher who makes 130000 a year teaching middle school. Suburban columbus ohio where school tax is the worst. It's getting to be the highest property tax in the country.@@miket1181
Yes. Here in Italy, there's no property tax on any primary home.
Free, absolutely free health care!!!! It’s disgusting what fees those doctors are charging
My old oceanfront building in Pompano Beach, condo fees are going up to over $2,000/month from $580/month for repairs due to old age (built in 1960) in the assessment after building inspector slapped HOA with humongous repairs such as complete concrete restoration. This all happened because of the building collapse in Miami in June of 2021.
Wow.
I’m working and have to at 70.
End up in a facility? If you can't pay property tax, the county throws you into the street! This after years of years of your property tax paying for the auditor/treasurer's office salaries and the stinkin schools and children's services, blah blah blah all kinds of stuff that doesn't benefit the property tax payer in the least.
I know 3 people who have hecm's (reverse mortgages). None of them had to make a down payment. They had balances on their mortgages, and the mortgages were paid off. Then every month they get a statement that shows how much they have in their account and how much the bank will get if they sell or leave or die. They use their hecm's for different things. One couple has been traveling a lot, one uses it just to exist and one hasn't touched it and it's built up over the years into a nice savings account.
You can plan all you want. The best laid plans of mice and men. But you never know what horrible things this life can hurl at you, and you can't always recover. It's all the luck of the draw, some lucky some not.
We plan on retiring in the next 5 or 6 years. We thought about retiring to Florida at one time, but it's off our list now. Even if we pay cash for a house, the combined property tax, insurance, and possibly HOA fees would be more than I would want to take on after we are no longer getting income from working. Owning a house in Florida could cost several thousand dollars a month, not including maintenance, even with no mortgage.
There are places in Florida that are cheaper. But all of Florida isn't all palm trees and beach, Disney, or the high raises you see in this video. Northern Florida is very different than south Florida or anywhere near the ocean/gulf. Of course these places are less desirable both in weather and nice homes. Mostly north of Orlando up in farming country. Bet you have never heard of many of these towns, like Lake Placid (south of Orlando) towns along I-10 and into the panhandle. But you won't be living the Miami lifestyle.
Right now owning anything and having to deal with contractors, and maintenance guys is terrible. They’re not hungry, so they show up with ridiculous quotes for simple things like fixing a toilet.
Who said you have to buy in an HOA? You can find plenty of areas without HOA's.
@@DIVISIONINCISION They have become much more common. I would prefer no HOA, but sometimes the amenities are worth it.
It would be very helpful if you could show some representive examples of how the finances work out with reverse mortgages based on current interest rates.
Thanks Michael ! Wow, I didn't know there are so many conditions to be aware of when buying a Condo. I will Not buy a Condo !
Oh yeah definitely need to do your homework
Thanks Buddy !
I’ve owned houses and a condo and I will say that Yes you do have some ridiculous HOA problems, but at times it’s just so much easier taking care of a condo. You only have to repair what’s inside the house.
A condo is an apartment without the convenience of being able to leave after a short lease.
My property taxes froze when i hit 65 years old. Will never go up. Also, i have no HOA. If insurance skyrockets, I will just drop it. So, I don’t see how I am in danger. My living costs went down - no more commuting so no wear on my car, clean my own house, etc. Some home repairs but not a backbreaker.
What city/state are you in? No tax increase after 65 sounds good.
@@chetmyers7041 - Texas. No state income tax either.
you must not live in FL
@xmarine: I am currently in your same situation. After my property insurance increased to over $5000 annually, I dropped my policy. The HOA monthly fee on my townhouse is now $320. While I still can get by and keep my house, a great danger lurks in silence. If a hurricane destroys my home or causes a great deal of damage, I am screwed.
@@tech-centralusa9671 - Can you sell and move? Find a house with no HOA, and outside of hurricane zones?
Im so glad I found this Channel! This Channel is entertaining and informative at the same time.
Thank you very much!
55 years old and older should not have to pay property taxes anymore. They've been paying them all their life even if they only rented property.
Except that in FL, lots of wealthy senior citizens would mot be paying property taxes, then. Burdening their children and grandkids unfairly.
Who do you think pays for Medicare? Your couple hundred dollars a month you pay?
I did. My whole life they have been taking it out of my paycheck. Educate yourself if you are able. And I do not run to the doctor for a cold. I do not run to the doctor for anything. So basically, I do not even use Medicare that I paid for you ####.
What doesn’t get mentioned is that Florida has no state income tax… services like police, fire, schools, roads and sewer all get paid from property tax. There is no free lunch. As to HOA fees doubling and tripling…blame the previous owners who refused to raise dues and deferred as much maintenance as possible…now the building is deteriorated and the present owners get stuck with the bill….again, no free lunch folks!
@@PhilosopherKing73 I forgot about no state income tax. I use to live in FL in high school. In AZ, we have state income tax, property taxes, sales taxes that can be quite hefty depending on which city you shop in, and many fees and charges on utilities and such, hefty car registration, etc etc.
Seniors can't even downsize because nobody is building tiny homes.
I downsized to a condo. Paid cash with profit from selling home in 2021. There seems to be an endless amount of tiny home builders online. What have you experienced?
Yes there's a place in TN called Incredible Tiny Homes, they build them and are on youtube. They also own multiple pieces of land where you can put them and lot rent is low.
I cant find a downsize that's decent.
@@taroman7100 Have you tried a new tiny home?
the tiny home community in Newport TN doesn't interest me, love the idea but not the location. Hopefully there will be more communities like that in more desirable areas.
My grandfather had a reverse mortgage and by the time he passed his taxes on his house in CT were $25000 a year
Another monster is medical debt. This can force the hand on a reverse mortgage. My parents divorced 45 years ago and my dad and the rest of us were pretty much estranged. He didn't take good care of his health and passed with a ton of medical debt. Basically his entire estate had to be sold to pay for the debt. So even without a reverse mortgage, the home can go away. Reverse mortgages exist to profit on people in bad situations. But even if you don't take one, you can lose a home.
It’s only going to get worse with Medicare Advantage being dropped from hospitals and doctors and the premiums going higher and higher.
It would have done no good.@@JamesDeWalt909
@@JamesDeWalt909How do you hide the home you live in?
That is the norm today, as the system was turned over to private institutional finance to scrape every dime off the elderly (and everyone else). There is no advantage to a social security tax, that is then taxed when you receive it (a huge fundamental change in our nation). Then a Medicare Advantage privatization that is currently wasting billions of tax payers money, while at the same time denying claims when the elderly really need serious care. This is institutionalized fraud corruption. And our courts, filled with a fake “ethical” legal system play along.
There are Senate investigations right now, into this fraudulent system created by the exact same corrupted entity, Congress. The people of the United States are constantly being betrayed by “flim flam” corrupt deregulated business graft changing the conditions on the ground through government corruption. We all know this to be the reality here.
We are essentially right back to the early 1900’s in the way we operate, a time when a working class was not a middle class. The lack of protection for citizens is a huge 3rd world problem, existing right here, and the real statistics of injustice and poverty show it, clearly. All we need is the 3rd world permanent walls between the haves and the have nots, as clearly denoted in our rarified cities. Of course, HOA “Disneyfied” manicured landscaping included.
@@JamesDeWalt909 But you have to plan years in advance to put everything in someone else’s name, many are not that trusting, and many have no one that has expertise and ethics to manage the elderly’s affairs that optimize them staying in their homes until death. Especially in a place like Florida, where the insurance landscape is now causing the “owners” to put new roofs on every 10 years, new HVAC, new water heaters, etc. with continued gouging on premiums requiring riders on all peril policies that you had better read very carefully, because most policies actually are written to legally defraud the owner, and they are not paying out normally, because Florida allows the industry to depreciate the asset under Florida insurance “deregulation” to accommodate their insurance LLC’s fraud. Not everyone has a financial and legal expert in the family they can trust to navigate the increasingly parasitic industries enabled through government.
Luckily for my father, I was able to convince him he needed a trust, and when times got tuff, he trusted me to be the trustee. The financial predators come out in force to scoop up the assets, not just organized crime, but also organized institutions, aka banks, hospitals, courts, everything is now set up to siphon off any assets. I was not just a co-trustee, but also his durable power of attorney. One needed to put the bank in it’s place, the other needed to put the medical industry in it’s place, not to mention all the regular business criminals. Because I was pro-active, the court system never got close, but it is also a huge scam depleting estates to enrich the legal industry. The United States had created a rough last decade for our elderly. Our government, all three branches, should be publicly shamed by what they have facilitated in this nation. It’s the creepiest thing going on inside of our finance you could ever imagine. The only documentary I’ve ever seen that describes exactly what has happened here, through our private institutional finance (very quickly while Americans were turned to attack each other by politicians & media, to distract us, and divide & conquer our nation’s citizens), it’s about what U.S. finance did in Britain, beginning in the same period of finance’s globalization plan, it’s called “The Great NHS Heist”, which was just recently 100% completed, against the will of the people. You can watch it right here on RUclips.
There are a lot of nice mobile home 55+ communities near me. Many have decent amenities and are priced $90-160K. The nicest part is that they seem to look out and take care of each other especially the oldest residents.
Location?
Wow I haven’t seen that for the past 5 years would love to know location
If you don’t own the lot, they can raise lot rent exponentially every year. Another scam people fail to notice.
@@xStephismyou're correct.
Great topic as always Michael…you’re right it’s getting ridiculous for seniors
Thank you for all your videos, doing a great service!
You’re very welcome. Appreciate you watching.
Hi Mike..your like a good friend..always look forward to hearing your views and advice.
Great informative video. My relatives i showed this to immediately called their buying agent (realtor) and put these questions to them. Turned out, your information here saved them. They cancelled the purchase of the Condo they were all set to buy. Of course the selling agent, and their own buying agent werent at all happy about it...trying to talk their way around these negatives. And they are out the money spent on title search & home inspection...but they are certainly glad you saved them, anyways.
My friend's mother got an unneeded reverse mortgage. The predatory sales woman courted her and became a close "friend" (stopping by often) while convincing her to do this.
You have to stay in the home with a reverse mortgage. So, she had to sell 6 months after getting the reverse mortgage, because she couldn't climbs the stairs after an injury. She lost so much money when she sold to move into assisted living.
Thanks for the info Michael. Seniors who rent are in a worse situation than the homeowners. Not unless they can get into a senior house complex; wait lists are years long.
Same with homeowners because property tax is definitely gonna eat you alive if they get reassessed at market value.
5 year wait list on most places in the San Francisco Bay Area.
Are there any caves in Florida?
. Love. Living around old people😅
Loosing their home 🏡 with a $100 thousand dollar Tesla in the driveway
Here in St Augustine, RE tax is up 2.2% over last year. I checked with our county and most of RE tax money goes toward increasing the salary of county employees.
The Florida Orange County Commissioners and Mayor just voted themselves a 25% salary increase. I know a lot of people across this county but no one that’s gotten a 25% raise from the same job! 😢
Meanwhile, they want to give teachers 2% cola raise while piling on work with huge class sizes. Smh.
@@Purpletip99no one’s wages are increasing, Orange County is disgraceful giving themselves a raise while so many are in deep financial ruin. The whole government is disgusting
I am retired and live in Iowa. My house is paid off. My home costs me $143 /month for property taxes & $74/ month for homeowners insurance. I estimate $150/month for maintenance. I could not rent a 1 bedroom apartment for that cost. Iowa just raised the homeowner property tax deduction for owners 65 & over starting next year.
Wow! I wish I had those low property taxes and homeowners insurance. My house is paid for too...But my property taxes are $400 a month and my homeowners insurance is $300 a month. Still cheaper than renting an apartment in a nice neighborhood.... $1500 and more a month.
Thanks for talking about senior citizens and their struggles. My dad quit his job when he was 50 years old and lost his 401k retirement savings trying to create his own business. My parents now have a mortgage with more than 22 years left to pay on it, and they're both around 75 years old. They can't afford anything other than their immediate needs (housing, transportation, food, and medical care). They're spending their golden years at home instead of traveling or enjoying their retirement.
They made bad decisions.
He did t lose anything, he made choices way too late in life. This is their own fault. They know they won’t be able to pay and are expecting you to do it.
Staying at home at 75 can be great if they’re well connected socially and have lots to do. Traveling gets boring and tiring really fast.
Too old to make drastic changes. Wrong choice gets you up the creek.
Retainer . Looooosers😅
This new ticker/flip thing with RUclips showing the number of viewers/watchers and how many likes you are getting every 17 seconds is utterly fascinating. I just keep staring at it!
What happened to the 10-second rewind?
Haha it is cool! I noticed that too
I've been tied up in an HOAfor years & never again. They are not worth what they charge you. Too, I just sold a big house I lived in for 23 yrs. I'm paying cash for some land & having me a manufatured home built on it, the small size I need & for much less so I can afford to travel & enjoy retirement instead of being tied down with a big house. Houses are not even worth half of what they are asking for them today & the taxes should be illegal. Past time to speak out & fight back for a change.
I had a condo in the Tampa Bay area, near the Gulf. (Pinellas County) A well kept condo which is getting old. Nice to have the lawn mowed and the leafs raked, and a club house house with a nice swimming pool. But I hated the idea of not being able to put a lawn chair outside more than 2 feet from the building without being reported to the main office. I swear many of the residents spend their day watching their neighbors and reporting infractions to the HOA office..
I bought 10 acres in central Texas, however, if/when I decide to build on it, I'm building an actual house. Don't cheap out on your retirement home. Manufactured homes are cheaply made and not nearly as quality as a brick or cement block house.
I agree. I’m 52 with plans to eventually move to FL. I don’t even want those new homes they build just because I know the quality is poor. And I don’t need the size either. I’d like an acre or two with a small house. Perfect!
I have cheap land that I can throw a starplate dome cabin up on, sell my house, live offgrid for nearly nothing. That is my whole retirement plan. Not hard to do.
@@keralee Electricity, water, high speed cable etc are needs for most. We enjoy our creature comforts, especially in old age.
I always thought a Reverse Mortgage was the a bad idea, but never looked at the details. Thanks for going through all the pitfalls. Glad we paid off our mortgage a long time ago.
His information is incorrect
My mom did a reverse mortgage-- it aloowed her to stay in home with 24 hour private care.
In THIS instant it was a good idea.
Worked for me too.
I had to go through this with someone I inherited reverse mortgage which was nightmare
The Greek definition of mortgage it's called Death pledge because you sign your name over for 30 years and then die
This is actually one of those urban myths.
Its actually a Latin term.
Well, in Europe we also like to leave something to our kids. The well being of a family is very important.
My dad did a reverse mortgage. Now he can't move and the neighborhood has gone to shit. Can't even borrow money for major repairs. House is falling apart around him.
If he has a reverse mortgage, where is the money from his equity? Did he spend it all?
@@DIVISIONINCISION yup
What did he spend it on? Property tax? Insurance? A new car? Traveling?@@spongebob-ek1fp
Ofcourse I'm not surprised. Look at what this group did opening up our southern border. They have all kinds of funds for these non citizens and god knows who they are but not for the elderly American who has contributed all of his life.
🎯
We appreciate you my brother..much love from a sister ❤🎉
Spectacular coverage of actual issues facing many seniors
After the high rise condo collapse , I would think condo prices would be way down in Miami. High humidity makes things deteriorate . I also read that Teslas and other EVs are so heavy they put stress on buildings .
Florida is a terrible place to retire now. The worst part for senior homeowners is house insurance. Not only have the premiums sky rocketed and continue to do so, the companies threaten to cancel policies if homeowners don't replace a perfectly good 7 year old roof or re-do a carport or whatever else the insurance company feels like demanding. Then, top it off with companies fleeing the state and the choices for insurance are minimal so they are free to hold you hostage. Retirees now have to plan on house insurance and property taxes and at least 15k to 20k every 7 years to replace your roof and then whatever else they come up with to demand of you and that doesn't even include your normal maintenance. But, renting is not really an option for many at the current prices either. It used to be feasible to pay off your home and live in it until your death even if you only had a small social security check and maybe a tiny pension (total under 2k per month). I've had several relatives do it. But, it appears those days are waning very fast. I don't know if it will be possible for me even though our house is paid for. What about if one spouse dies and then there's only one fixed income? Florida is a nightmare for seniors on fixed incomes now. Where's the new retirement mecca because it isn't Florida anymore?
Arizona is out due to the same price issue. Plenty of cheaper land in Texas, but raw land is going up in price because people are wanting to live outside the city.
Not in teh US
Vietnam is attractive for American expats, and you can get around the citizenship thing by becoming a business owner/investor, if you can get by without speaking the language, it is a good life from what I hear and your dollars go a lot further than here in the US. I also hear Medellin Colombia is a hot spot for American expats and real estate investors.
Yes, and it's all happened within less than 5 years. Amazing how quickly things have completely changed and yet no one in charge seems to be addressing this. This is a MAJOR issue in our country.
@@jomr4249 A lot of baby boomers voted for what's in d.c. now. and very well do so again. Be careful who you vote for.
Tricky stuff Reverse Mortgages, as it involves compounding interest!!
You are doing a great job educating all of us. When I read people are "flooding to Florida" from California and Oregon, all I could think was how horrible it will be for them if Florida turns out to be as awful as where they just left. But God provides.....Peace Out.
It’s beautiful out here. I’ll never go back to Oregon
Thank you I appreciate that!
Looks a bit low lying to me, swampy!
@@thisresinates5655tourists are mesmerized by Oregon Coast, but what makes Oregon so bad to live in? Genuinely curious
@@thisresinates5655Oregon is beautiful, what are you talking about? Im from Wa state by Canada, now I live in Illinois. The pacific northwest is gorgeous.
It just sucks that a beautiful 1br apartment in Miami used to run $1800-2000 just 24 months ago, and now those same units are around $3000-3400+ depending on the area. It's disgusting how bad people are getting taken advantage of by the property management. They sense people can't afford homes, and know they must rent, and instead of filling up all the vacant luxury condos and apartments, they're jacking the prices up by 30-50% and letting them sit empty until people cave in for wanting to be there vs non very appealing places in the US. I still want to return and hope the rental market corrects itself in the right direction this winter, but the trend in Miami has been to keep pushing low income people out, keep pushing elderly out, and keep twisting the knife in the loyal people who are capable of paying and are working class and making enough to survive, but make the image of everything "more luxury" aimed to justify ridiculous lease increases year over year. It really is a system tailored to rewarding cheaters like the drug runners, sugar baby tik tokers who sell their bodies, foreign financial crooks/people laundering their overseas stolen funds, and other shady types there for a good time not a long time..while all the people who moved there to actually build a quality life of happiness are getting the boot 😢
That is DISGUSTING it only contributes to our sink into the sewer.
Florida has been the real estate scam capital in the US for the past 28 years. There's just no end to this garbage between the realtors, home builders, insurance companies, home repair companies (especially roofing companies), HOA's, Lawyers, and of coarse the greedy tax assessors. I moved out of that sh*thole state and relocated in a real nice rural area in Georgia on a 1 acre lot with a brand new double wide mobile home with a well system for our water (no more $300/month water bills). My property taxes are around $260 per year including garbage pick up. My home owner's insurance is about $780 per year. Also my mortgage is a 30Yr fixed at 3.75%. My total mortgage incl taxes and insurance is $649/mo. We have nice neighbors and NO crime whatsoever.
The only color that Capitalism cares about is green, Edward. I don't want America to ever be socialist like Canada. Federal Government found out what happens when you give Americans free money and now people are understanding why you shouldn't do it. The market should determine who sinks or swims, not government.
Commenters are woefully uneducated. What you just described is an economic principle called the Cantillon Effect. It comes from an 18th century economist named Richard Cantillon. He described the uneven effect inflation has on goods and assets in an economy. Since new fiat money is injected at specific points, its effects are felt by different people and industries at different times. This usually means that the uber-wealthy move in and buy luxury items which drives up prices in a given economy or area. That price rise causes other prices to rise and pushes out the locals who served as a mere workforce in said area. A good example of this effect was the low-rent SoHo area of New York of the 1960s, first populated with struggling local artists but then was taken over by the elites who invested in original art and luxury goods.
@@kathrynj.hernandez8425 The stimulus during 2020 was a horrible idea. The Fed needs to stay out of the market and let the market determine what happens. We shouldn't be bailing out corporations, banks or anyone. That is the only way we will return to prosperity. May take a decade or two.
Those apartments, Nomi rental is $2700-$5100 a month.
I’m not surprised one bit
Heck I know seniors that have been hit by the hurricanes down in Florida
And Orange County, CA misses you-&-Lisi dear -“Real Estate Bro AND Dog-walker sis” 😁 😎👸🏻🌴 ☀️ ! // Yeah It was 79 degrees today but yet it was nice .. not humid .. etc.. it’s normally a Lil cooler in OC than LA area which is nice .. Anyway- Thanks for bringing us “MB News & Views” Michael! When ya gonna do that Q&A show.. (?) 👏😜
To me Florida is so much less appealing now than about some twenty years ago when I went there on vacation for the first time.
I vacationed in the West Palm Beach in September, first trip to Florida. It was nice, near the beach, however it was not worth what my friends was paying for his condo. The juice is not worth the squeeze.
Tons of old folk moving out of FL and to other southern states which provide a decent retirement and less expensive insurance and taxes.
I'm 70, retired, and live in the panhandle near enough to water that I have Citizens insurance to cover wind. My wife and I have a good retirement, I retired from the army and retired as a school teacher (13 years) and my wife is a retired teacher, we both draw social security. Even though we are comfortable I always feel like there is a financial storm cloud hanging over our heads. I'm starting to look inland, far enough from the coast to get Citizens off my back and down size my one bedroom. We live in a time where you should, regardless of how well you are doing to look alternate courses of action when it comes to our financial well being.
Hey Mike, good job keeping all them people on the sidelines, btw, house prices are about to skyrocket!
Undoubtedly, people have so much spare cash. I expect property prices to go up 50000000000% over the next week. I believe next week, an average house will cost more that 100 trillion.
Hey Michael - I am from India
EACH word you say is EYE - OPENER especially for the "WOKES"
“GET SCREWED”
And very crooked cops!
Seniors here...no mortgage as planned. Getting property taxes fixed based on income via tax return proof. New Mexico tries to help the seniors. Green house is all covered and greens are going! Grew sunchokes for first time. Yum!
Water views, thanks!
Only negative about NM is the democratic laws, which invites crime. Look at Albuquerque.
@@DIVISIONINCISION , you interestingly, didn’t mention about the crime in Florida, it’s off the charts there too in case you didn’t notice. And that’s good old Ronnies territory. Nor has he done anything to help the people in regards to insurance and taxes there.
Been off the grid in my home for 22 years. Got $$$ in savings. SSI is more than enough money to survive till next month.
You poor thing, you. You have my pity.
Can confirm. My grandma sold her house because of maintneance costs and taxes.
It’s really sad, but the hammer is dropping on many
what drives property tax? for what things does it pay? who is being paid from that tax?
You were right about renting right now. The contract I was just offered is like a $7 increase monthly, it’s a renter’s market.
great looking marsh/swamp, but I would be warry of the aligators!
Reverse mortgage worst idea ever 🙋♀️
I agree....it would be a last resort for us.
Thank you! Love your program🎉🎉🎉
Yep. There's nothing quite like a good old fashioned property tax and insurance fucking. Anybody seen the State Farm CEOs bonus $ recently? Oh, and in our tiny little community, our commissioners corn holed us. Reassessed and raised the mil rate in the same year.
Same here. And I don't blame you for cussing about it. Property tax is disgusting and it's ruining so many people's lives.
My son is a college student. Once you are no longer a freshman, you must move off campus. It’s Umass Amherst. The cost of his two bedroom apt rental is $3200.00 Much more than my mortgage. My twenty five year old’s two bedroom rental in Boston is $2600.00 plus utilities on both btw. These are just modest apts i should add. I’m sad that home ownership will probably never happen for them. It feels like a broken system. And it makes me really scared. I really appreciate your videos. They help me understand what’s happening! Thanks so much!
I appreciate your content. Thank you. 🙏❤️
I would advise seniors to go rural. Half acre lot with manufactured home outside of town-
If a senior citizen owns a home with decent equity they are still better off than a lot of people their age. Worst case scenario they can sell and take their equity and rent which is a far better idea than a reverse mortgage. A lot of retired people don't even own their homes and don't even have that option.
This is true
agree Mark. The folks who don't own a home and are long term renters are in a tough spot.
I’d much rather own than rent. Your mortgage payment should stay the same. But rent will always go up.
You don't have to take your equity to rent. Rent your 4bdr family house out and take the money and rent a modest one bdr.
I believe we will see that change as more and more people don’t want to get a new mortgage with a higher rate they will not be more inclined to pay off their house, then to move up in size
What as great episode. Love the condo questionnaire!
Get Out of Florida Now while you can still sell your home
yeah it doesn't look good for low income people than own their homes.
Sold out and left Florida in 21 . The writing was on the wall then that Florida Home Prices and other expenses would explode , they did .
Can I buy your place? 😂
I thought Florida was cheaper to live in???
Why/ The nephew got a rebab house with two acres for 55k. The house will be like a brand new home for about 120k ( he's almost done). So he buys another house to flip for 80k. This is in the in the panhandle.
Impressed by your output-rate, Michael.
You are spot on with this , 100% accurate. As a former mortgage loan processor, these condo documents and associated questionnaires were an absolute nightmare to deal with. You would have to first obtain them from the condo association, usually at a cost of $200-500 per copy. Then the mortgage underwriters would nick pick the h*ll out of it before approving a purchase loan or refinance. FNMA guidelines were absolutely insane with the level of minutia they imposed. Needless to say, people pay attention to what Michael is saying if you are even considering buying a condo. This is sound advice!!
Keep looters out of your life..
I can't understand those who want a condo. Why not just rent an apartment if you are thinking about a condo? There is no difference.
@@DIVISIONINCISION on a condo at least you can write off the payments on your taxes.
Thank you Michael. So informative, as usual. I really appreciate it. 😊
My home is paid off and I have no intention of letting a bank take ownership of my property with this reverse mortgage scheme.
Don’t get sick
My medical insurance is paid until 1/1/24. All of my bills are paid until then also.@@mclark732
Reverse mortgage companies are hurting as bad as forward mortgages now.
Thanks for doing this one Mike. Reverse mortgages are dependant on interest rates and even these companies are hurting now with low sales/loan originations. Close friend of mind said they used to make cash hand over fist but now out of work.
Like Joe says. It is a sign of a great economy.
I never thought I'd live long enough to eventually see something be worse than buying a timeshare come along. They are horrible but most people don't actually use timeshares to live in so if they take it, who cares? If they take your condo, you're homeless.
Reverse mortgage lenders grabs your property..
When?
Thank you for this video. Nobody's talking about the senior citizens that move to florida to retire or the ones that are been there all their lives.
I’ve been wondering if many of these events since 2020 are primarily attacks against our seniors 🇺🇸… both health and financially.
They aren't working and contributing to the government taxes. That's what convid was all about.
They'd gas us if they could.
No, I think that's just a knock on effect. To me it's the classic "the road to hell is paved in good intentions."
Yes.
"Useless eaters"...
Sell your home, and go live in the Desert with an RV and live free!
Very relevant video. Think of it, Michael; the FED and BLS held the CPI and therefore the COLA at zero for more then 20 years. That means seniors got zero increase in their social security for 20 years despite inflation (real cost of living---food, rent, etc) running over 10% for most of that time.
Look at the inflation adjusted median household income. The 1999 peak was only surpassed in 2015. Incomes went higher from 2015 to 2019 but are now down from their 2019 peak. You can't give more money when real incomes are down.
@@rathelmmc3194 Those who are fiscally conservative will do fine. Those who are irresponsible with money will sink.
They're paying 25 an hour at mcdonald's. I think that's quite a raise from the 7.50 an hour back in 2019. @@rathelmmc3194
@@DIVISIONINCISION I'm just saying you can't increase SS disbursements when real incomes are down.
😅scottsdale az has a lot of land lease condos
Scottsdale, AZ. A big desert with no grass and small lots. When I lived in Phoenix, I never understood why celebs would want to live in Scottsdale.
Glad you’re back from California. I hate Cali so much that I stopped watching when you were there.
What about the great weather!! Doesn’t that make you happy to be in California? 😊
Haha you missed out lots of beautiful spots I visited over there. I really miss the weather already tired of the Florida heat and humidity.
Love your videos Mike, but you mentioned that by law seniors have to pay a down payment to get a reverse mortgage which is NOT correct. As a reverse mortgage professional, I can tell you NO down payment is required to originate this type of loan.
If the house has extra bedroom/s, the best thing is to get a roommate or 2. Become a Golden Girl.
That’s also a new trend. A lot of seniors are doing now.
@@MichaelBordenaro that's what I would do if I owned my home.
Be careful. Some hair-raising stories out there about squatters! They are being taken care of in courts via rights laws!
@@kathrynj.hernandez8425 obviously you need to be careful who you choose. People should start with asking people you know if they know someone looking for housing. Lots of seniors looking to reduce costs. I have 2 friends living with me. It covers property costs with a bit left over.
Your channel is the GOAT! Thanks for dropping knowledge from the inside
I moved here to Florida from California one year ago, no regrets! Much cheaper, cleaner, safer than CA.
Good move!