- Joined
- Jun 23, 2014
- Messages
- 13,029
- Reaction score
- 6,995
- Location
- Near Atlanta Georgia
- Gender
- Male
- Political Leaning
- Slightly Conservative
like i said, stealing from the poor and elderly is an alternate reality public service to some people.
Certainly an alternate reality to the topic. There is no stealing now matter how many times you post it.
Sent from my iPhone using Tapatalk
you call it stealing...other people call it working
i bet you work for the government in some way, or used to
i guess none of those services could exist....and no one could buy houses, or cars
we could go back to an all cash society....i am good with it....but may hurt a few other people....people you claim to "care" about
Seniors were sold a risk-free retirement with reverse mortgages. Now they face foreclosure.
see the link.
i don't like ripping off old people even if it's my employer that is doing it. i'm sorry that you feel a need to justify it.
Got one of those victims right here in. Man, that was a long and seemingly endless mess until it got straightened out. It didn't just affect the old folks who fell for the reverse mortgage, but when they left, they didn't bother with outside maintenance. Neighbors had to see to it that the weeds and the assorted wildlife didn't take over the hood.
Seniors were sold a risk-free retirement with reverse mortgages. Now they face foreclosure.
Seniors face foreclosure in retirement after failed reverse mortgage
Check out Tom’s view.........
"Rip off" may be the wrong term, but they are very questionable loans with unique terms and questionable consequences.
I would not recommend a reverse mortgage 99.9% of the time, which makes it equal to about how often I would recommend annuities.
Consumer reports did not analyze conventional home equity conventional mortgage foreclosure ratios as a comparison.
If one is suffering from macular degeneration, don't buy a Maserati. It will be the car's fault when you have a collision with a brick building. Prove me wrong. Silliness, but Consumer Reports all too often functions like those who do food studies, studies without context.
Consumer reports did not analyze conventional home equity conventional mortgage foreclosure ratios as a comparison.
If one is suffering from macular degeneration, don't buy a Maserati. It will be the car's fault when you have a collision with a brick building. Prove me wrong. Silliness, but Consumer Reports all too often functions like those who do food studies, studies without context.
The was a large settlement in Baltimore, a few years ago. It dealt with lead paint in rental housing units and there were large payments made to individuals, paid out over time. These were low income folks. Along come a few financiers that offer the recipients a lump sum settlement up front, for a fraction of the total payout.
Another example is, I wont name the company, but they market to veterans, they offer you a large chunk of what you have built up in home equity and one of the things they tell you you can do with this lump sum is put it in the bank or pay off other bills. Who borrows money and then puts that money in the bank that pays much less interest than you are paying for the loan?
FFS, another one. ok, ripping off old people and robbing the poor is a right wing tenet. i accept this. for the rest of the hive, i'm too bored to swat, and am heading back to my couch. peace.
FFS, another one. ok, ripping off old people and robbing the poor is a right wing tenet. i accept this. for the rest of the hive, i'm too bored to swat, and am heading back to my couch. peace.
Like ANY type of loan, reverse mortgages have their place. And like ANY type of loan, proper management of the money you receive is important. It doesn't look like the lenders hid any of the requirements for these loans. Pay the taxes, keep it insured, get the title changed over in a timely manner. Not that difficult even for seniors.
And it looks like the lenders don't always come out ahead. Many of those houses are boarded up, some obviously haven't been maintained, and will end up as write-offs by the lender. I suspect how they primarily make any money is filing a claim on the government insurance once it's shown that the home is no longer worth what they loaned out on it. The government can then, if they want to follow through, require the title be turned over to them. Then the government (taxpayer) is responsible for insurance, taxes, possibly refurbishing the home and getting it sold. Good luck on that. Probably shouldn't cost more than $1,000,000 per home.
Many of these loans didn't even require a credit check. Think they would have been made if the government wasn't backing them?
The REAL victim here is the American taxpayer.
The REAL victim here is - and should be - the person who didn't pay their property taxes and maintain their homeowner's insurance. There should be no risk to taxpayers in any of this - only to the lender and mortgage company. These should NOT be government backed loans - ever. Other than VA loans (one-time), there should be NO government backed mortgages - ever.
Government backing takes all the risk away for lenders; that's why we get these bubbles. BTW; A VA loan can be used over and over. The previous loan just has to be cleared and the VA borrower not exceed their cap limit. My oldest son is an Army vet and on his third VA backed loan.
Seniors were sold a risk-free retirement with reverse mortgages. Now they face foreclosure.
Seniors face foreclosure in retirement after failed reverse mortgage
Check out Tom’s view.........
Annuities are the opposite of life insurance. The annuity buyer is betting on longevity as opposed to death. What stinks is selling annuities to geriatrics. The odds are worse than the lottery for winning. Very predatory. My grandfather was getting approached for buying annuities when he was in his 90's. Both he and his dog urinated on one salesman's leg as a response. My grandmother made him clean up the mess. Grandpa had no inhibitions during his latter years, or his earlier years, and that's why I am alive.
My elderly neighbor got sold an annuity when he was 89, by his bank. His daughter got it undone, with help from an elder protection group. I think predatory practices are well known and tolerated and will continue as long as politicians profit by it.
Reverse Mortgages are designed to rip off old people. I put the process in the same class as Nigerian Scammer telephone calls. The big difference being, it's actually legally. You could argue that if people are stupid enough to fall for it, they deserve. But, if that argument is true, why trust any bank any time? Elderly people may not only need assisted living, but assisted financial management; and things just don't work that way.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?