Reverse Mortgages Are From the Pit of Hell (Hour 3)

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 19 April 2023

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dave Ramsey & Jade Warshaw answer your questions and discuss: "Should I pay off a reverse mortgage for my father-in-law using 401(k) money?" "Should I buy a second home to be near my boyfriend?" Pulling from a brokerage account to pay off debt, "How do I stop living below the poverty line?" Support Our Sponsor: Neighborly Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Find out where to start: https://bit.ly/3cEP4n6 Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	Rossiter
0:05.0	Live from the headquarters of Ramsey Solutions, broadcasting from the pods moving in storage studios,
0:34.0	the
0:56.4	show.
1:06.4	We have a question about paying off a reverse mortgage for my father-in-law.
1:18.4	My husband and I make between 180 and 200,000 a year.
1:23.4	We have no debt.
1:25.4	We have about 1.2 in our retirement accounts.
1:30.4	We own our house and we also own two other houses.
1:35.4	Wow.
1:36.4	Very good.
1:37.4	So your net worth is north of 4 million?
1:41.4	Probably between 2 and 3.
1:43.4	One of the houses is pretty small.
1:46.4	That's the story in itself.
1:48.4	Anyway, my husband's father has a reverse mortgage.
1:54.4	We would like to pay it off.
1:57.4	The interest rate seems to be quite big.
2:01.4	In another six or seven years, the interest will be in the complete value of the home.
2:09.4	I just want to know from your perspective, we were considering taking out the money.
2:15.4	There's 160 owed on the house.
2:18.4	We were considering withdrawing it.
	...

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