Reverse Mortgages TPTB attack older people

[hilly7]

Reverse Mortgages TPTB attack older people
This may have been around for some time but I had a good look at it first hand yesterday. We had a big sales pitch given us from a man supposedly looking for a boat dealership and as luck would have it, he stopped in a Realty Office and again just luck he had pamphlets to go with this pitch. He said in his presentation that they were trying to help out older people. Funny, older people are the ones with the most equity in their property built up. They make this sound like a bed of roses. He recited how older people that lose a spouse, or become ill and and have large hospital bills can be helped with this. How people with nobody to leave their property to and people that want to live well in their last years could travel, enjoy life, after all they've earned it. All this an they could still will it to their kids and grandkids. Bullshit! Apparently we're not dieing quit fast enough, especially if you have real property.

If you have any older kin or people try to inform them not to do this, it's a wolf in sheep's clothing. Oddly enough and I'm not shocked it's back by the FHA! This is nothing less that Negative Amortization. You are basically renting from the bank except your paying the taxes, your doing the maintenance and naturally you do the losing, unless of course you die then your debt or property is placed upon your heirs. I believe their thing is let your house make you money. Luckily he left us with a brochure and I'm writing a page on my website in the my 2 cents link using this brochure, exposing the layers of manure he's spreading. I loved when I asked if that was not Negative Amortization but he quickly said, no, it's an open loan on your property. All that will be is a foreclosure when your heirs gets it or who knows, maybe if you don't die soon enough.

If you have somebody you care about old tell them not to fall for this scam. I don't care which agency supports it.

[flatron]

In an ideal world people would live forever and never get sick.
Money wouldn't exist because people would just use the earths resources for the greater good.

Meanwhile back on earth, for some old people reverse mortgages are the only way out of financial trouble.
They've been in operation in the UK for a number of years now and are well regulated. Yeah its a scam, but so is money!

:)

[hilly7]

I hate to see it and still refuse to be a part of it. You know it's funny to me that we can spend a fortune taking lives, supporting the thilthy rich yet starve our old people. Where are their kids or family? My wife & I grow food and nobody in our family goes hungry, neither does the neighbors. We have extra money or extra anything we ask if any of our kin need it, and they do the same.
This is nothing less than a crime against the older people so that bankers or MB's can get their property. Not all Bankers & MBs are bad, the ones I deal with refuse to do it and if they ever start I will not deal with them. There are so many options out there besides that. My exact words were to him, Do I look that hungry that I would send people to you? after he offered full commission. Funny he kept looking at mom 78 who could buy and sell him 10 times over. When I see people like him I'm all for a little depopulation.
Although I'm not an advocate for renting, renting would be a better option, at least the landlord would have to pay taxes and maintainence.