Reverse mortgages only work if you are terminally ill with a short time to live. It is a way to keep you in your house until you pass away with less stress about paying bills when you might be unable to work due to the illness. As it is basically an equity loan that pays to you in installments, accruing interest over the time of the loan.
Too many older people underestimate how long they are going to live. They get suckered into these loans. When the loan term is up, find themselves draining any savings they may have and/or losing their home having to sell it to pay off the loan. Which then leaves them with no home and possibly little to nothing left in their savings.
Reverse mortgages are one of the worst of the predatory loans, as they prey almost exclusively on the elderly.
puppeterry over 3 years ago
Dangerous, indeed.
Ubintold over 3 years ago
Not his “first rodeo”.
Radish the wordsmith over 3 years ago
Just looking for a bone to chew on.
PO' DAWG over 3 years ago
CLASSIC!!
mistercatworks over 3 years ago
It’s a biter’s market.
Boots at the Boar Premium Member over 3 years ago
He moonlights as a timeshare salesdog.
Daeder over 3 years ago
I’m sure his reverse mortgages look good on paper, but…
ferddo over 3 years ago
He sells annuities too…
chief tommy over 3 years ago
Get the word out - they are evil
GiantShetlandPony over 3 years ago
Reverse mortgages only work if you are terminally ill with a short time to live. It is a way to keep you in your house until you pass away with less stress about paying bills when you might be unable to work due to the illness. As it is basically an equity loan that pays to you in installments, accruing interest over the time of the loan.
Too many older people underestimate how long they are going to live. They get suckered into these loans. When the loan term is up, find themselves draining any savings they may have and/or losing their home having to sell it to pay off the loan. Which then leaves them with no home and possibly little to nothing left in their savings.
Reverse mortgages are one of the worst of the predatory loans, as they prey almost exclusively on the elderly.