Pages

Friday, October 07, 2016

Reverse Mortgages Are A Load Of Crap

Talk about horror stories, do you know anyone who has or is considering a reverse mortgage? DON'T DO IT!

Please do your research before you fall for these jackass celebrities trying to convince you it's a great option. 

I've had too many friends who fell for this crap and the end results were not good. Please share what YOU know or have experienced.

11 comments:

Anonymous said...

Do you think that Tom Selleck has a reverse mortgage?

Anonymous said...

Basically you concede all the interest you have paid then re-index as if you are drawing on a credit line at inflated interest payments. It's a lose, lose. End up with no or even negative equity.

Anonymous said...

What I know about reverse mortgages would fit on a pinhead,but I still wonder why government regulations allow such a thing.

Anonymous said...

Funny how those that push it will never need it!! I always discount the rich and famous when the advertise anything financial. I ignore the by gold commercials as well. I think having some gold is smart, but not buying from William Davane.

Anonymous said...

9:02
If anything has government involved in it, I sure don't want to have any dealings with it.

Anonymous said...

I heard of a woman losing a 2 million dollar property because the bank decided she was "neglecting" the property. They just took it, and it was "legal".

Anonymous said...

Tom Selleck is a big supporter of the NRA and Republicans of course he would never lie to us.

Anonymous said...

Reverse mortgage results in the bank owning your property and you will have to buy it back above market value

Anonymous said...

Remember that this is a "business" transaction and the ultimate goal is to get as much money from you as possible.

Anonymous said...

Better to sell your home and get a affordable condo or apartment..don't waste your life earned property on a gamble..

Anonymous said...

When its too good to be true - it is.

But I did enjoy Magnum PI back in the 1980s!