This is the first in a series of mini manifestos issued by the United Progressive Party as a part of our conversation with the nation of Barbados. After the delivery of the manifesto the Progressive Party and its candidates will make themselves available for further discussion. Given the constraints faced by Barbados the approach taken by the Progressive Party is to take a steady, measured path to A New Economy with a heavy reliance on the people of Barbados to adopt a new vision for progress…
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Northern….i only just saw your post, yes it has been around for about 50 years.
You ALWAYS pay, it is about when, how much and how.
We already know financial ignorance is bountiful. Just making it easier to grease the money from your pocket, cause you don’t ‘feel it’ every month. The net effect in all is similar.
@David
Perhaps I can get my mother or some of my friends to do that “email” as they are members (recently we made a mid- four figure purchase and she asked if there was a BARP discount so it must be good for something).
Since the issue of reverse mortgages has entered the political arena via the BLP, one should ask whether they should be trying to establish “savings plans” to help todays generation rather than the quick fix that they are advocating.
BTW I am not against reverse mortgages in jurisdictions where they make sense, you may recall that a few months ago a bank sought to enforce its right to sell a home which was encumbered by a mortgage which had fell into arrears because the homeowner couldn’t meet the payments there was a hue and cry that the Bank was going to sell it below market valuation just to recover its outstanding debt.
Reverse mortgages will see a flood of foreclosures and homes sold just to meet outstanding debts when the mortgagee departs for the Elysium fields.
the problem i see is that ya locked in….if you get sick and have to leave the house, that is not the bank`s problem, ya have to repay the loan
if you decide to sell the house, you have to pay the loan, why not sell the house, get the best price you can and ya home free, dont owe anyone..
…if ya die..the bank will sell the house…anyway.
i bet the banks will put restrictions and ceilings on what they interpret as a house with value for resale purposes.
it`s not that simple.
Bush Tea i do not have a weave i have been blessed with a healthy head of hair thanks to parents
In any case what is your problem with me or any woman having a weave, is this an extension of your bombass and crude anti female attacks on woman in an age when women does not feel to be pressured by what the male gender thinks is best for them
i therefore advice you on this issue of hair to crawl right back unto your bush bed and simply nestle among the bed bugs
if i do not trouble you do not become of trouble to me because i would burn your bush bed down with plenty bad words
It seems as after all these years on Gods almighty earth you have a problem with woman being independent and able to call their own shots. What difference does make to you if a woman adorns her head with a weave or cane grass, there are many men who wear hairpieces why dont you lecture them on their choices,
Get loss bull frog!
….one should ask whether they should be trying to establish “savings plans” to help todays generation rather than the quick fix that they are advocating.
for the younger generation….this is your best option…find ways and means to save your money, like some people i know…. without losing it in the process.
After due dilligence,consultation with family and friends and one does a reverse mortgage with the full knowledge and understanding that the house will belong to the bank and you will live in your ex-house untill you die in comfort.
Whats wrong with that……..children already have their own property and more…..no family is interested in it…….you are living where you have always lived with out worries.
@Sargeant
The question about savings plans was asked tongue in cheek because the investment market in Barbados does not support and will not in the foreseeable future. On the point of RM, Barbados is not a market where flipping is common like in your neck of the woods. The question remains, why is BARP championing RMs, they did a lot of research on it.
Well let me tell you this . This talk of educating people is nothing new . The bottom line is legislation that would help citizens who for the most part are at an advance stage in life and most likely on medication which can impaired their decision making.
Most of the time people only see a way forward in these schemes and would jump for the quick fix approach.
One should only feel comfortable if govt look closely and do research gathering information from other sources that have been engaged in the RM process and activate legislation that would be of benefit and a comfort zone to the elderly when they have an interest in undertaking RM.
The elderly have been great contributors to the country and should be given the highest level of respect by govt in their golden years especially when financial decisions can negatively affect their better judgement
Putting legislation in place which would help them avoid loan sharks barons would be enough to suffice
The stock market in Barbados is somewhat limited. From what I have read online, one has to be very careful even in these regulated Bajan waters.
However, depending on the age of the individual, I would suggest an element of risk (the stock market) be a part of their portfolio. Savings and CD can be too conservative for the young.
David
A number of seniors have well to do kids and grands who are not interested in the family property and though they would willingly help Mum&Dad……parents prefer to be independent …..so why not RM property…..live in it untill both die and thats it no headaches for any one.
I think the objections offered was really based on a poor family whose only asset is that one property under those circumstances,I would suggest that the family find another way out.
What stock market!?!
AC
As I pointed out to David above our discussion was at cross purposes as you were dealing with a one property family whereas I was dealing with a multiple property family that could afford to let the bank have a property.
Hence my agreement with you for that one property family to seek another avenue other than RM.
Note….Tony who raised the issue could afford to RM a property.
Wondering if like the reverse mortgage, bitcoin, ethereum, black Friday, and halloween , we hava also imported financial planners who can give sound advice to those entering, in and exiting the labor market…
http://www.bse.com.bb/
Pickings may be slim, but a few nuggets are there.
Think we need to discuss what is available for people age 18 to 80.
stock market on the island is not an option, there is no regulation of insider trading, it should not even be a thought.
..accident insurance and disability insurance, fine, anything else is way to risky..
Clico is a good example of high risk investment..
the sale of Banks and the insider trading involved another..
options are very limited in that regard hence the reason those with means invest outside the island..
@ ac
You lie!
You have a weave….
If Artax say that you have a weave, then you have one… just loosen it ..and stay calm.
BTW … it is good to have you back….
angela was getting on Bushie’s last nerve with her ‘namby pamby’ shiite talk.
Look how you only just came back (by mistake) and already you looking to ‘burn’ Bushie; cuss Bushie …and all the good old interactions that we used to have.
On the matter of the weave though…. perhaps Artax is wrong.
Bushie always leaned towards the theory that the problem is that your underwear is two sizes too small…….
An it is NOT the Barbados Revenue Authority of which Bushie speaks…..
LOL
ha ha ha
wha loss ….
🙂 Your love letters to ac are just too sweet.
@ Vincent
So why exactly would a person who owns multiple properties be in need of a reverse mortgage on the property in which he lives?
No rental income from the others?
No buyer interests in the other unrented properties?
No children /grands /girlfriends/ drinking pals looking for somewhere to live?
No neighbours in need of a better place for their family?
..or just no damn common sense?
Have you ever heard that when you find yourself stuck in a deep hole,
the FIRST order of business is to stop digging?
…or are you of the ilk of the minister of fine ants
who will dig the tax hole until he comes out in Australia?
nothing Theophilis…nothing, not even interest on a bank account…there are people i know who bought shares in companies IN Trinidad, Jamaica etc…now with oil discovery Guyana will come into play….
no options worth looking at on the island…people live on a wing and a prayer.
and all ministers do is live for tourism….they have spent 50 years regressing just to reach the stage of pathetic.
Bushie
You really that dumb…..or lack comprehension…..read what I wrote to David and stop disgracing Cawmere of my era.
What you wrote to David was nonsense.
David is just too decent to tell you to your face that it was shiite.
You want hand BARBADIAN real estate over to foreigners in exchange for a few years of selfish freeness on the foolish notion that ‘no family is interested in it’.
The ONLY way family will be not interested is if you are seeking to sell them at ridiculous prices.
If not family, there is always EXTENDED family looking for somewhere to live. somewhere to better settle a growing family etc
Your ONLY interest is to the end of your short miserable life?
How about the GENERATIONS of youth still to come – looking for a roof over their heads…. hopefully some of whom will be MUCH smarter than you are…?
How about THAT responsibility?
Bushie
Chuckle…..like you pun de bush agin……what you just wrote is tru tru bovine excrement of the GP variety.
Ah here fuh de aftnoon….so keep up de jobby and leh muh cut yuh RH……lol
Bushie
You are so stubborn. I can’t believe you’re still here arguing wrong and strong. It is not like reverse mortgages is the KEY I referred to in my first post on this thread.
The blogmaster invites you to join the discussion.