"Did you ever have the feeling that you wanted to go, and still have the feeling that you wanted to stay?"
~ Jimmy Durante
Greek stocks are rallying almost 5% to the highest level since April after the German paper Der Spiegel reported that "Angela Merkel has made a surprising U-turn in her policy on Greece. The German chancellor now wants to stop Athens from leaving the euro zone at all costs, even if it means massaging the figures in the upcoming troika report. For the German leader, it is essential to avoid the consequences of a Grexit before national elections next year." Greece's fate won't likely be determined until November now but it seems they'll get the time they need. Der Spiegel is also reporting that Spain will ask for help in the coming weeks. Germany's Finance Minister expects the German Constitutional Court to not declare an injunction against the ESM on Wed. China reported a slew of economic data all about in line with expectations except the trade data which was definitely weak as imports unexpectedly fell 2.6% in Aug versus the estimate of up 3.5%. CPI, PPI, IP, Retail Sales and Exports were all about in line.
When we finally get a real recovery going it will be all about jobs. This graphic illustrates how far behind we are now.
A reverse mortgage allows homeowners 62 and older who own their homes outright or who have low mortgage balances to get cash by borrowing against the equity in their home.
The mortgage comes due when the borrower dies, moves or sells the home - often shifting the responsibility to family members or heirs.
What's also worrisome is that reverse mortgage borrowers are withdrawing more of their money upfront than in the past. In fiscal year 2011, 73 percent of borrowers took all or almost all of their available funds upfront at closing-up by 30 percentage points since 2008.
The question is, for whom might reverse mortgages be a reasonable option? They may be an option for low-income, healthy seniors who don't have other retirement assets, do not qualify for lower cost alternatives, or cannot meet their current mortgage obligation, for example. Some people also like the fact that reverse mortgage loan advances are not taxable, and generally don't affect your Social Security or Medicare benefits.
But for most people, a reverse mortgage, "should be considered a last resort," says Leslie Tayne, a financial attorney. "You might be better off moving to a smaller place rather than taking out money against your home."