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My latest take on Reverse Mortgages

Call me whatever you'd like, but you won't change my attitude towards reverse mortgages. Every time I see an article regarding them thar things, I stop and read it and what I seem to be reading MORE of is all the caveat emptor stuff rather than whatever good that might come out of one.

Frankly, as I have indicated in the past, I have had only one exposure to a reverse mortgage, but that ONE was enough for me. I can still remember the little ‘ol lady that got burned when she was forced out of her house because of a technicality which, in essence, removed her from having the home as her principal residence. That one little clause messed her up bad......

Here's the headline that grabbed my attention:
"U.S. regulator sounds alarm about reverse mortgages," and here's a quote from the article:

"Reverse mortgages could be the next subprime mortgage product to experience rapid growth while taking advantage of a vulnerable segment of the population, top U.S. bank regulator John Dugan said on Monday."

http://www.reuters.com/article/gc03/idUSTRE5574AR20090608

Posted by Terry Kuehn ~ Self-Directed Roth IRA Associate on 06/09/2009 02:31 AM

Comments (2)

Reverse Mortgages in the ActiveRain Channel

reverse mortgage, fraud, retirement, wall street, waste

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Post is included in group: Silent Majority
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2 Comments on My latest take on Reverse Mortgages

JUN

Terry - as with all mortgage products, the reverse mortgage is not for every one, and, both the borrowers and their families should be involved in the decision and review of it. I have been looking into the reverse purchase program, and that is one that sounds particularly interesting, especially the older the users get. Again, like with any product, not necessarily for everyone. RTFP.

JUN

I saw a foreclosure recently for $40,000. Property was worth a lot more so I assumed it was a second. It wasn't - it was a reverse mortgage that was being called because the owner had been deceased for over a year and they had not sold the property. It was cancelled without selling, but certainly there was some grief in that family for awhile.

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