Reverse mortgage dangers debunked

Part 6: State of the 'reverse' market

By Inman News Feed
Add Comment Add Comment | Comments: 3 | Posted Feb. 1, 2010

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1. Heather Carr said... on Feb 15, 2010 at 12:03PM

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2. Milo Schauer said... on Feb 15, 2010 at 12:41PM

“In my opinion, you left out the most obvious argument against the high cost of a Reverse Mortgage: if the Reverse Mortgage is a "need" rather than a "desire" then the cost to sell is significantly higher than a Reverse Mortggage. If it is not a "need", then the senior should not participate in the first place.

Most seniors who are considering a Reverse Mortgage cannot qualify for a HELOC or a refinance since they lack sufficient funds to meet their current monthly obligations. A Reverse Mortgage for my clients has been their best choice and believe me, they are most grateful to have the option of not selling their home and living in a "facility".

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3. Anonymous said... on Feb 16, 2010 at 11:54AM

“Thank you Jack ! Not for me because I am a Reverse Mortgage Loan Officer but thank you for all folks who's lives can genuinely benefit from a Reverse Mortgage and are scared only because of the half told stories out there. Paul Harvey would be proud ! Someone is still telling "The Rest of the Story" I have had the priviledge to see lives changed for the better because they got a Reverse Mortgage. I am glad this conversation has come out though, I think it helps to uncover those practices that may abuse a system. You are now a super hero for seniors! Defending the good, uncovering the bad and just plain telling it straight. Excellent balance brought to the table. Thank you !”

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