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Reverse Mortgage: Scam or legit financial option?
What say you?
What say you?
Reverse Mortgage: Scam or legit financial option?
What say you?
Reverse Mortgage: Scam or legit financial option?
What say you?
No actual experience so pure surmise follows, untainted by any facts.
I think it's a decent option for the elderly who aren't planning to leave an estate. Money is useless when you're dead.
Refinancing is a much better way of taking out equity. The fees and overhead are astronomical with a reverse mortgage. Just look who is selling them on TV if you doubt me.
Refinancing is a much better way of taking out equity. The fees and overhead are astronomical with a reverse mortgage. Just look who is selling them on TV if you doubt me.
You callin Fred D. Thompson a liar?
A Bank Scam, a HUGE bankers scam. My uncle got sold one of those on his death bed. He never collected one dime and it cost the estate $25,000 to get the lien off his house.
Signing a contract for a reverse on your deathbed is one of those "not such a good idea" situations.
The reverse is a fine idea for someone who wants to stay in their home but needs some additional income.
Yeah, I don't get... at all... why somebody would do it on their death bed.Signing a contract for a reverse on your deathbed is one of those "not such a good idea" situations.
The reverse is a fine idea for someone who wants to stay in their home but needs some additional income.
I'd not do anything like that without consulting an attorney, but from the beginning, it has always sounded like a scam to me. Just another way to separate the elderly from their money.
Any time anything sounds too good to be true, it usually is, and for the elderly who have no one to leave their estate to, this is just too good to be true.
let's use the example of the last one i wrote
$200,000 mortgage free home
$160,000 line of credit
no payments. ever
owner lives in the house until she dies (she's 85)
until the reverse mortgage, she had a mortgage free home
she lived in it
and her $1200 monthly social security check barely covered her monthly essentials
she had no nest egg if any economic emergency presented itself
someone tell me how this reverse mortgage recipient was abused
wrongThat only works if the recipient uses a significant portion of the line of credit. If they have a $160,000 line of credit and only use $500, the bank gets a $200,000 house for $500. Or, as someone above said, a relative who signs a contract on their deathbed and never gets a nickle of the line of credit has been seriously abused.
wrong
the line of credit is the deceased's
that will go to the heirs
who can use it to buy back the mother's home should they so desire
the $160,000 could have been disbursed at closing had the client sought the lump sum. the money goes to the client/client's estate
let's use the example of the last one i wrote
$200,000 mortgage free home
$160,000 line of credit
no payments. ever
owner lives in the house until she dies (she's 85)
until the reverse mortgage, she had a mortgage free home
she lived in it
and her $1200 monthly social security check barely covered her monthly essentials
she had no nest egg if any economic emergency presented itself
someone tell me how this reverse mortgage recipient was abused
Signing a contract for a reverse on your deathbed is one of those "not such a good idea" situations.
The reverse is a fine idea for someone who wants to stay in their home but needs some additional income.
when i see a celebrity pitching reverse mortgages, it lowers my opinion of them exponentially. tricking old people out of their money puts you among the lowest forms of scum.
Reverse Mortgage: Scam or legit financial option?
What say you?
I felt the same way when I saw Montel Williams hawking payday loans.