Comments on: Are reverse mortgages a Scam or a Good Deal?

By: Toni

Toni — Sun, 22 Jan 2012 15:52:01 +0000

Where can I find a list of government approved companies for reverse morgages

By: Daniel Weinstock

Daniel Weinstock — Sun, 18 Dec 2011 01:46:37 +0000

REVERSE MORTGAGES ARE A SCAM!! THEY ARE LIKE BEING TOLD YOU ARE APPROVED FOR A CREDIT CARD WITH A BIG LINE OF CREDIT. EXCEPT WHEN YO READ THE FINE PRINT, YOUR INTEREST RATE IS 29%. IF YOU NEED MONEY, IT IS ALWAYS BETTER TO SIMPLY DO A HELOC ON YOUR HOUSE. NEVER DO A REVERSE MORTGAGE. I SHOULD KNOW, I USED TO SELL THEM.

By: Lyn R. Link

Lyn R. Link — Fri, 02 Dec 2011 04:42:02 +0000

I just stumbled upon this site and read Maribel's comment. To respond, you could contact Financial Freedom and have your name taken off as a contact. However, the headaches ahead of you when your parents are no longer living in their home and the reverse mortgage becomes due and payable should be of great concern to any adult child who's parents have taken out a reverse mortgage. We have a special section in our book, which can be read free on our site. It's called "Prevent Your Families Shock and Harm." This might help to understand what you are up against. The exact web address is: http://www.reversemortgagecritic.com/heirs_U3.html Best of luck.

By: Maribel

Maribel — Tue, 27 Sep 2011 17:56:01 +0000

My parents were painted a romantic picture of a reverse mortgage and did not consult my siblings or I on the decision to get one. However we have been named as "contacts" per Financial Freedom rep when they pass on their reverse mortgage. I never gave permission to be named as a contact. I want out. What do I do?!

By: Sandy Jolley

Sandy Jolley — Tue, 30 Aug 2011 22:58:01 +0000

In order for a reverse mortgage to be good for any senior they must first have a genuine need. Next you must realize you are completely responsible for understanding the consequences for your personal, financial and health circumstances, short and long term need. If you are one of the 83% of folks who take a lump sum payment you also muc create a financial plan for the rest of your life how you will spend the proceeds of the reverse mortgage and where the money will come from to pay your property taxes, insurance, maintenance of your home to the lenders standard, your living expenses, health expenses, etc. And please don't think "government approved" counseling will provide you with the legal, financial and tax advice to know if this is the right product for you. You are 100% at risk of losing your home, equity and quality of life. There should be a disclaimer just like the pharmaceutical companies something like this 'the benefits advertized may not apply to you. You could lose your home, equity and quality of life. You could be homeless and helpless. You may not qualify for social service or aid programs."

By: Jan

Jan — Tue, 19 Apr 2011 14:48:16 +0000

The reason a reverse mortgage scares me is because they are heavily promoted on TV by older actors.

By: Wayne Lancaster

Wayne Lancaster — Sun, 27 Jun 2010 23:09:33 +0000

Like all financical commitments, a Reverse Mortgage should be reviewed carefully. If funds are needed all options should be compared. First and foremost is determining whether staying in your home is long term or is selling a better option. Another comparison is a home equity loan. It is cheaper and quicker, but downside is having to qualify for the loan and additional monthly expense. If staying in home long term is important and current monthly income will not support extra debt payment, then by all means do the research of aspects and cost of a reverse mortgage.

By: Cathy

Cathy — Sun, 27 Jun 2010 21:56:26 +0000

Is a reverse mort a good idea want if you plan on only living in your house for 5years or the value of the house verse what you own has gone down by 50%???

By: Chuck Yung

Chuck Yung — Mon, 20 Jul 2009 20:04:08 +0000

In order to determine if a reverse mortgage is a good deal for you, in your own personal circumstances, you should consider consulting with an attorney who is experienced with this subject. That is why the American Academy of Estate Planning Attorneys (AAEPA) breaks Law Practice Management Systems for estate planning attorneys into a variety of areas as outlined in the Academy’s “Practice Building Handbook” which is an important cornerstone in the creation of law firm business plans.

By: Charles Hubert

Charles Hubert — Mon, 06 Jul 2009 18:56:34 +0000

I really don’t think that reverse mortgages can be a good deal.

By: Positive Thinking

Positive Thinking — Sun, 29 Mar 2009 15:26:39 +0000

I really don't think that reverse mortgages are a good deal.

By: becky

becky — Thu, 19 Mar 2009 07:41:37 +0000

i think at current mortgage reate it will be a good deal...