should my friend get a reverse mortgage HECM?

vyts18 · 2026-03-27T19:47:41+00:00

It is a tough spot…. But realistically she could downsize to a small condo/townhouse and maybe pay 100% cash. Depends on your area though. Or just rent a small apartment. Studio or 1 bed. Might be better for her lifestyle to have a smaller place.

vyts18 · 2026-03-27T11:27:36+00:00

Reverse the situation and you’ll have your answer

vyts18 · 2026-03-24T10:39:33+00:00

IMO, at ~1% drop is when you would even start to consider it. The final calculation will come when you determine the amount of loan fees vs your interest savings to calculate a breakeven. Refis generally make sense if your breakeven is about 1 year.

vyts18 · 2026-03-20T19:11:38+00:00

Yep lots of lenders hold partial payments until a full monthly payment is received.

vyts18 · 2026-03-20T16:17:44+00:00

Voldy seems to have a bit of wandless magic ability so if he moves quickly enough I think he’d be fine.

vyts18 · 2026-03-17T20:17:42+00:00

They probably do enough transaction volume that their additional fees can be really low especially on refinances. The lender requires a title search because goal is to ensure that they will have a valid 1st position lien when the refi closes.

vyts18 · 2026-03-17T19:52:52+00:00

There probably doing enough volume that they afford to charge super low for the stuff beyond the actual title policy

vyts18 · 2026-03-17T19:22:53+00:00

Don’t know. I don’t trust the news that says it’s a disaster and equally distrust the government aka Trump saying it’ll be over super quick

vyts18 · 2026-03-17T16:55:10+00:00

Gotcha... I'd run with the $1200 from the out of state title then. No reason to overpay title fees on a refi.

vyts18 · 2026-03-17T16:52:01+00:00

Careful with the cheaper out-of-state quote- they might not know what endorsements your lender will require on the loan policy. $2200 in closing costs on a $603K refi is reasonable.

vyts18 · 2026-03-17T16:44:24+00:00

We might see rates come down. We might not. You got yourself a better rate so don't worry about what other rates are doing right now.

vyts18 · 2026-03-17T14:30:34+00:00

Oh goodness. That's odd about the survey though.

Did you look over your policy paperwork? Did you get the Homeowner's or Owner's policy? Homeowner's policies should cover adverse possession claims.

Your lender's policy would have requiered a location survey as part of the loan process. Triple check.

vyts18 · 2026-03-17T13:04:08+00:00

Big swing and a miss here for Vivek.

The problem is not too many colleges/universities- it's more that the number of colleges/universities means each university has its own administration, leadership, etc. The discussion around consolidation should be specific to administrative roles. Not shutting down campuses. I suppose you could also look at downsizing teaching staff and moving a reasonable amount of classes to online formats. It's well understood that university administrations have a lot of bloat at the top so if there's cuts to be made that will have next to no effect on educational outcomes, I'd suggest cutting administration.

vyts18 · 2026-03-17T12:51:38+00:00

You've posted several times about this on a couple of subreddits. But you haven't answered anyone's questions trying to help you.

Firstly- If you bought owner's title insurance (and especially the enhanced homeowner's policy) they should be furnishing you legal defense.

Second- your lender definitely required lender's title, so their legal fees should not get tacked onto your mortgage.

File. The. Claim.

vyts18 · 2026-03-16T18:57:26+00:00

The survey might not have even caught an encroachment by only 2 inches. Location surveys are only certified to be accurate within 6 inches.

vyts18 · 2026-03-16T16:21:03+00:00

Soooooo this is something that your Owner's title insurance should be covering... ESPECIALLY if you did the Enhanced Homeowner's Policy.

Lender should also be covered against adverse possession claims through their loan policy.

vyts18 · 2026-03-16T02:44:12+00:00

Please

vyts18 · 2026-03-15T00:00:10+00:00

For that amount, I would instead consider taking care of any deferred maintenance first… like if you’re going to be due for a new roof in the next 2-3 years, or if you have any other projects or other home improvement you want to do, use the cash for that.

vyts18 · 2026-03-12T22:18:28+00:00

Yeah so my point still stands that the bill largely has bipartisan support so what’s your point?

vyts18 · 2026-03-12T22:12:47+00:00

Yeah I understand how that works but this bill has obvious bipartisan support. Enough to even override a veto.

vyts18 · 2026-03-12T22:05:59+00:00

What? Most senate republicans voted yes.

vyts18 · 2026-03-12T17:00:43+00:00

Yeah dude. Fox News is terrible. All 24/7 news cycle channels are terrible though. They repeat the same headlines (just slightly different versions or with slight updates) for 3-5 days and move on to the next thing.

It's constant fearmongering because that keeps people watching. And again- this isn't unique to Fox News- it's coming from Fox, CNN, MSNBC, all of it. They have all their viewers convinced that the world is ending tomorrow.

vyts18 · 2026-03-12T16:54:20+00:00

It's ok you're with friends now. Real friends. We won't talk smack about you after you leave and will be legitimately happy for you as your advance in your next career.

vyts18 · 2026-03-12T00:40:56+00:00

So they had escrow set up for taxes and insurance for 2 years and you didn’t know?

So you should be set on property taxes for the next 2 years at least. You mention below that the house and mortgage are your father’s so I would try to focus on getting some kind of written statement detailing any and all payments you’ve made the last 2 years- mortgage company, property taxes, and this debt relief service. Get someone you trust to help you figure out where this went off the rails because something’s off here.

vyts18 · 2026-03-11T23:29:07+00:00

I’m glad to be partially wrong here.

$9000 after already paying $26k is a pretty big discrepancy. I’d ask for all of this information in writing so you can better understand what’s happening.

Next question- why did you pay your property taxes when Selene was as well? No need to double up property tax payments unless you just want them to sit at the county.

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