Fred Thompson American Advisors Group (AAG) Commercial for Reverse Mortgage
http://www.youtube.com/watch?v=bkg8IH7e_6U
American Advisors Group Announces Senator Fred Thompson as National Reverse Mortgage Spokesperson
http://rismedia.com/2010-06-15/american-advisors-group-announces-senator-fred-thompson-as-national-reverse-mortgage-spokesperson/
Fred Thompson American Advisors Group (AAG) Commercial for Reverse Mortgage
http://www.youtube.com/watch?v=bkg8IH7e_6U
American Advisors Group Announces Senator Fred Thompson as National Reverse Mortgage Spokesperson
He's just another ac-tor playing a part.
Just another acting job for Fred.
Reverse mortgages can actually be a great thing for people.
I also know of the ability to buy people’s life insurance policies. You aughta hear Ed McMahon’s wife talk about it. They were broke, and he was not likely to live more than a few years.
So they have an existing multi-million dollar policy and a company pays them (Ed and his wife) a part of the face value to be the beneficiary. They then make all the payments to keep the policy in force and when he dies, they get the money. It is a real win-win.
It is good for both sides of the situation. The only ones it may hurt are the previous beneficiaries.
I think reverse mortgages can actually be a pretty good thing.
I never understood this comercial. What’s the difference from an equity loan?
No one is giving money away to anyone unless you are an illegal alien, so this has to amount to an equity loan of some sort.
My what big teeth you have, grandma Fred...
Another product of “fiscal” conservatism and the destruction of traditional FAMILY-societal relationships.
Makes the sheeple easier for the Fabian wolves to eat....
Why? It's just capitalism. Sounds like the complaint that JD Hayworth did ads for getting government grants. And now we're stuck with that traitor McCain for another six years.
I’m about convinced that Fred needs to stay to acting and to smacking down Michael Moore and otherwise leave politics alone.
Making those stupid commercials lost him all credibility with me.
Still, the accusations Jim Newell makes on the Gawker website are a bit disturbing and raise some questions. I would like to hear Fred Thompson's explanation of this reverse mortgage program and the reasons (besides a paycheck) for his agreeing to be associated with AAG, which seems to have some legal problems.
However, I found Newell's piece to be exceptionally strident, with lots of bombast but little substance, except to make the case that Mr. Newell doesn't like reverse mortgages and thinks Fred Thompson is a sell-out for doing the AAG commercial. I'm not so quick to condemn Fred but I would like to know more than Newell's piece delivers.
Frankly, it is not too cynical to say that a politician, ANY politician, will choose money over ethics whenever facing a choice between the two.
They guy is probably just glad to have a job in Obama’s America.
Sad. If he had been paying attention - he could have been President. I think Dick Wolf screwed him over.
I considered a reverse mortgage in 2007 when my house was worth 50% more than it is today. Bad move passing on it back then!
Just why did he have to make those stupid commercials? Can’t any famous conservatives stay above the fray?
Someone better tell the author of this bilge that the lefty liberal Henry (AKA ‘Fonzie’) Winkler has commercials touting the same thing.....reverse mortgages.
Just why did he have to make those stupid commercials? Can’t any famous conservatives stay above the fray?
I’m having some trouble understanding this. The article says they’re brokers. Is Fred advertising for the brokers of loans, or for lenders? Last time I checked, brokers brokered, they didn’t lend.
And then “114,692 reverse mortgages were made in fiscal year 2009, compared to 157 in 1990, when people had actual money.”
Wasn’t 1990 when reverse mortgages were a new thing? Maybe 19 years later there are a lot more of them because they are something consumers actually want.
“What do we know about this shady company . . .”
Gawker didn’t do the research, and jumped to a conclusion all in one sentence.
People wonder why nobody buys newspapers. Now these tools run internet based rags. You can’t even GIVE propaganda away.
As for Thompson, I admit having the same strange feeling. There is a MASSIVE demand for RM’s to back securities based on them. These securities are selling like hotcakes.
For me, this market for RM’s is looking bubblish. The point on which these RM’s pivot is the appraisal of the underlying asset - the home.
A veteran in their home for 40 years, that bought for $25,000 (2,500 sf) is probably being offered a LOT less than what they would have 6 years ago to be sure. They are probably being offered less than what the market will bear as well.
Bank sits on fully paid off assets until the market recovers. The veteran makes $175,000 on a $200K RM, but in reality the bank probably makes another $50K to $100K in future equity on the asset. The geezer, they figure, would never realize that in this market. Since the bank will outlive the geezer, the bank vultures the extra 100 kilobucks.
Who loses? The estate, probably. Maybe the kids that have been footing the bills.
Truly, RM’s are EXACTLY like taking candy from babies at this point. Every time the housing market falls, the assets the geezers are sitting on go up in value to the bank.
More than that, the banks making the RM’s are picking up the assets from failed banks MINUS the bad loans, which are being picked up by the taxpayer (the inheritors of geezers estate). The big banks are being turned into absolute monsters right now in all of this. It is ALL UPSIDE for them. Community banks are getting killed.
“So when all of these old people die and suddenly their kids can’t sell their houses to make up the $1 million they owe on their $400,000 homes, blame Fred Thompson entirely.”
Eh? If a lender is stupid enough to lend $1M on a reverse mtg, is he entitled to sue the heirs of the person who mtgd the place? I mean, if you take a rev mtg on your $400k house, and when you die you’ve somehow managed to squeeze $1M out of the lender, he gets your $400k house, right? What if that’s all you had? Your kids owe him something?