Reverse Mortgage Nightmares

By
Mortgage and Lending with Black Rose Fishing Charters and CastNCrew Fishing Show

I see famous people on TV now advertising reverse mortgages on a nationwide basis.  I understand the idea of education and I see reverse mortgages as probably on the top of the list for "ripe for abuse"...

My wife was sick pretty bad a few years ago, so we "went online" to see what other people had to say about their simililar situations.  Everything we found was bad.  Scary? Sure.. Then we realized that ONLY SICK PEOPLE WERE WRITING!!!  There was some crazy adverse selection.. The sickest people also wrote the most. It's natural..

My question to you is:  Does the same apply to reverse mortgages?  That is to say, are the people most likely to write about them the ones with the worst experiences?  I want to do as much due diligence as possible before really delving into this field. I hear people shouting loudly about reverse mortgage nightmares....  Do happy people not write?

 

I see a lot of critiques like "if people don't pay their taxes, then the bank will foreclose.."  Sure, but if someone WITH A REVERSE MORTGAGE CAN'T PAY THEIR TAXES, what would they have done WITHOUT ONE?  The logic isn't there.

I can ramble for a while on this one.  My goal is not to be considered someone who sells Reverse Mortgages, but rather someone who helps elders plan the right way.

 

MY QUESTIONS TO YOU:  WHAT NIGHTMARES HAVE YOU SEEN IN YOUR EXPERIENCES OUT THERE?  I think that by hearing real cases, I can best avoid adding one more to the list! Thanks.

 

Rich Antonino

 

Rich Antonino 
Loan Officer
NMLS ID 984202

26 Howland Street
Plymouth, Ma 02360
Office:  508-746-7733
Cell/Text: 508-269-1882
Fax: 774-283-9919
rich.antonino@benchmark.us

Comments (2)

Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Rich, Reverse Mortgages are a complete mystery to me...sort of like Benjamin Buttons.  The whole thing seems so hinky.

Feb 14, 2013 03:35 AM
Stuart Dobson
eLoanRates.org - Thornton, CO

I agree, there is a lot of adverse selection in the people who post and complain online.  On the other hand, other than HECM reverse mortgages there has been quite a bit of excessive charges and fee gouging in the marketplace.

Feb 14, 2013 03:45 AM