I, for one, despise the commercials on TV for these reverse mortgages. I see them as nothing more than a way for the government or some lending instutition to steal people’s property.
AARP...be careful, or you’ll upset your Uncle Barack.
the "reverse" mortage has always struck me as another generational gimmick....it used to be that elders would help the young and pass along a legacy....
now, its spend every penny and waste away every dime order to be an "active" old senior and go to the casino every day...
This is rotten by the government. But no different than the Obama administration doing on others whom tried to refinance through his program and are being ripped off too.
Please. I know for a FACT that Robert Wagner would not steer me wrong!
If you are going to sell the house just do it. Reverse mortgage makes one become the servant of the borrower especially in these corrupt times by the expert cheaters in the financial world.
“If it sounds too good to be true....”
I have been suspicious of reverse mortgages, since I saw the first commercial years ago.
They just smacked of ‘scam — buyer beware’.
If the Mr. Bennet of the story is standing in front of his house in the picture that is not a $200k in my opinion. Maybe 30-35K at most.
Strange in one case, a woman wants the house, even though she was not married to the guy when he did the mortgage, in the case of the black cook, he deeded his interest to his wife and now says he did not do that. Sell you house buy a small camper and live off the state of Florida. End of problem. Every business has its share of crooks, never deal with damn mortgage brokers, go to the local lender that has been around a long time.
so does “a sucker born every minute” apply here.