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Earl Said:

How does a reverse morgage affect capital gains on a home sale?

We Answered:

It has no effect. A reverse mortgage is just a loan that you don't pay until the property is sold. It would be just the same as though you didn't pay a regular home loan and didn't get foreclosed.

Tammy Said:

Special resources for funds for seniors?

We Answered:

All the seniors in my sisters retirement community seem to hold big garage sales every weekend. I have no idea if they need the cash or it's just a big social event where they can all ride their little golf carts around the neighborhood checking out each others junk.

I have no idea how senior raise money. Cash in their investments, I guess. That's what I would do if I needed the cash.

Christopher Said:

A question about reverse mortgages?

We Answered:

I thought I answered this but I dont see it now..

I do believe that is how reverse mortgages work. when the homeowner die, the beneficiaries will have the same option. You can also refi the reverse mortgage to get some money but stay in the house. remember though, there are fees on top of that $100,000 so your profit will not be as much as you think.

If you are looking to move, you can sell this home, take that profit and then BUY a home using a reverse mortgage purchase.

Good luck!

Lillie Said:

US Economic outlook?

We Answered:

"How many people truly believe the next president has the ability to reverse economic downturn."

I do, but it won't be quick. The current situation would take at least one administration to turn around, and the benefits would not be realized until probably 2 terms.

"Do you see the increasing costs as mismanagement by the administration or simple economic conditions that are out of control of any person or party?"

A little of both.

"Finally, if high prices are here to stay (I think so) do you think the average American can learn to be disciplined in spending and sacrifice certain luxuries?"

I agree, prices are going to rise and stay higher. I hope Americans will be disciplined, but data on how they spend or save money indicates that they won't be. Many Americans do not understand economics, and any mistakes are blamed on the politicians sitting in office, regardless of what role they play in them. They seem to assume that if something is good today, it better be good forever, otherwise whoever is in charge is entirely responsible.