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To: fightinJAG

“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’.


8 posted on 03/09/2011 4:10:38 PM PST by TomGuy
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To: TomGuy
There is a reason nobody completely understands a reverse mortgage. Fact, they are all different.

Very simple, a financial scheister goes out and evaluates the situation loading everything in their favor.
Depending upon multiple factors, ie: mental health, equity, etc., etc., they make an offer. You get the idea.
The buyer never loses.

Sad but true, a lot of times the seller doesn't care anymore or doesn't know better.

9 posted on 03/09/2011 4:23:13 PM PST by AGreatPer (Voting for the crazy conservative gave us Ronald Reagan....Ann Coulter)
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To: TomGuy

We checked them out. The fine print gives the lender 50% of the appreciation when the house is sold, besides all the other problems.


15 posted on 03/09/2011 6:24:04 PM PST by reformedliberal
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