You Just Got Screwed

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 8 March 2023

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel, Kristina Ellis, & Jade Warshaw. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.8	Karen is in San Jose.
0:12.9	Hi, Karen.
0:13.5	Welcome to the Ramsey show.
0:15.0	Hi.
0:15.7	How are you?
0:16.6	Better than we deserve.
0:17.8	What's up?
0:18.6	Okay.
0:20.0	My husband and I are thinking about taking out a
0:22.5	reverse mortgage on our home. Please don't. Please don't. Okay. Okay. You want to know why?
0:29.8	Yes. Very high fees. Ridiculous interest rates. Yes. It's 14,000 to get it and 10.2 or three interest rate
0:42.8	just almost like I knew what I was doing who figured you know that's there you
0:47.0	right there none of that and I know it's debt we know it's debt yeah we don't have any
0:51.3	debt it is and your home is paid for? No. We just had to have
0:55.4	appraised for the reverse mortgage and it came in at 2 million point three. Is it paid for?
1:01.5	No, we owe 385. Oh, wow. What's making you, what made you get to the point to where
1:08.0	you were even considering this? Because we didn't want to touch our retirement that's about a million, too.
1:13.8	Why?
1:14.2	Because every time we take something out, we have to pay more taxes on it.
1:18.3	And the taxes are getting to be adrained.
1:21.4	It's about $1,000 a month.
	...

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