“Reverse Mortgages Not Good for Everyone”
Earlier this week I received a call from a previous client, previous like 20 years ago. Anthony is not 81 years young. He told me that he had been solicited regarding doing a reverse mortgage. He told me that he is always seeing some actor talking about how wonderful doing this mortgage would be and the young man that called told me, that is what I should do.
Anthony, let me ask you a couple of questions.
1. Do you still have a mortgage balance?
2. Do receive enough income between social security and pension to handle all obligations?
Answer: Yes, without a problem
3. Do you need money for any other reason?
Anthony said, I’m glad I called you Joe, this wouldn’t be a good idea for me and to think he almost had me convinced.
A reverse mortgage is not a good idea for everyone, it's aggravating when I hear folks like Anthony being solicited and talked into doing something foolish. I understand about making a living, I don’t begrudge anyone from making a living, but this kind of stuff is a crime.
image courtesy of stuart miles/freedigitalphotos.net