Comments by "TeeKay" (@teekay_1) on "ABC Action News" channel.

  1. Actually her mistake was paying up front for the repair. A legitimate garage will not ask for that. Their protection is that if you don't pay, they can put a mechanic's lien on the car. And even if the garage charged an addition 3-5%, I'd still pay with a card for the protection it gives you.
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  2. You have to get to the 1:40 mark before you learn any facts: 1. Husband took out a reverse mortgage for $35K in 2008 (unclear if he told his wife) 2. A lot email from a reverse mortgage company was ignored, and they began foreclosing 3. Implications that reverse mortgage company did not follow processes, but nothing concrete 4. The mortgage company basically dropped the foreclosure
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  3.  @jimcarrington6744  Reverse mortgages are a symptom of misplaced priorities: 1) People make a big deal of paying off their mortgage before they retire. In theory a noble goal 2) But that money you used to pay down the mortgage is now in the house, and you can't really get that money out of the house without selling it 3) Unexpected circumstances come by, broken car, medical bills, junior lost his job, and they have no cash 4) So they turn to the only source of income, their house, and take out a reverse mortgage. The point is that a paid-off house is great, but if you pay it off by using money that you'd be better off saving for retirement, then it may not be a great idea, and houses are an asset that can't easily be leveraged to generate cash.
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  4.  @sammi-joreviews1135  All of your assumptions are wrong including about my age If you have a 2.5% loan, you're essentially getting free money, particularly with inflation running at 10% plus. If you pay off early, the bank should send you a thank you note from the CEO and a free vacation. You're FAR better off putting that extra payment into a bank account. The trouble with a house is that it is a completely non-liquid, non-performing asset. Worse, once you retire, the only way to get money out of your house is to take out a HELOC or similar. But you're retired, so the bank won't give you one because.... you're retired. If you had kept your money liquid, you'd have the situation in hand. You should never pay off a mortgage early UNLESS you have a bad interest rate or you have 9 months of salary saved. So going with your advice, you find yourself with a $50,000 medical bill and $2K in the bank. What would you do?
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