My reason for declining a reverse mortgage years ago was after listening to all
the talk, I judged it to be a scam to rob the American taxpayer. We seemed to
have provided for our retirement adequately and had no need. Now
after years of supporting parts of my extended family, I will probably regret
not joining in. Our home has been a source of income to help give us the good
life, but now is very close to a zero equity situation. And our retirement
saving my disappear before my wife and I.If I had done as the
financial advisor wanted, we would have missed out on the declining value of our
home and had another income for life. When we did die, the home loan would be
so high that the selling of the home would not pay it off. As a government
guaranteed loan the government would pay and the bank would not suffer any loss.
I don’t understand why the government allows reverse
mortgages to exist.
The absolute best advice is to get a modest home and get it paid for. Just
taxes and insurance, along with maintenance is expensive enough that one
doesn't need principal and interest payments on top of that. THEN----STAY
OUT of debt---no "second mortgages," "reverse mortgages" etc.
Wasn't it hard enough to pay off your home mortage in the first place? Why
would you want to just give that back to some quick-talking mortage expert? Why
get behind again? Quit looking at your house as an investment to be flipped or
sold at will and look at it as a basic commodity that should only need to be
purchased once. You'll sleep better at night if you do that (and have a
place to sleep as well).
Appreciate this information. I've seen the ads on TV & contemplated
reverse mortgage, but didn't really know what it entails or how it would
Read the fine print.
One more unregulated scam foisted on honest Americans by the One Percent and
Indignant about reverse home mortgages and blasé about the sovereign debt
which is a national reverse mortgage. Go figure.
old man,which one percenter held a gun to anyone's head and forced
them to sign away the equity in their home?How long has BO been
president and done nothing to stop it?Tell me how the CFPB, set up
under dudd-frank to protect consumers, has stopped this fleecing?blaming it on the one percent is a PERFECT example of repeating DNC hate
speech.I agree these things are a scam, but when has it ever been
good to remove personal responsibility from anyone? It appears from Ultra
Bob's comment that he may have never let his extended family bear personal
responsibility - I could be mistaken, but if he was continually bailing them
out, perhaps he was facilitating poor behavior rather than helping?? I could
very well be reading waaaayy too much into his comment.
I have recently taken out a reverse mortgage - At first I thought it was a
horrible idea since we have had the home in our family now for many generations
but after speaking to my lender they explained that my parents home be mine as
long as I can pay off anything that the borrow. I am calculating that the home
appreciation alone should cover over the interest costs so it is essentially a
free loan for them - I'm glad that they now have more money for their
retirement. This website helped my parents get a reverse mortgage Reverse
Mortgage Lenders Direct . com