Reverse Mortgage Warning

[Mango]

Mark my words...if the sleazeball-out-of-work-subprimates find their way into the reverse mortgage market, it won't be long till we'll be seeing Geraldo comforting teary-eyed grannies and congress calling for hearings to find out "what the hell happened?"

You've all now got front-row seats to watch a trainwreck in the making.


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Shelly, these are mortgages backed and insured by HUD. The Housing and Urban Development Corporation is wholly owned by the government.
The only type of "fraud" that can happen is if a loan officer is in collusion with an estate planner who can receive fees for referring these loans, and those that push for the programs with a large draw initially.
But HUD has intervened and made this difficult.
http://www.mortgagealmanac.com/articles/97-consalrevmtgescams.html

 

[spinDrAtl]

In addition, borrowers are required to take HUD approved counseling by someone other than the lender or broker - such as a non profit or public agency or from a Fannie Mae counselor. This is a condition of eligibility.

 

[seal]

With all due respect, Shelly, do you ever have a good day? I am amazed that you can get out of bed in the mornings with such an attitude.
Chicken Little was not necessarily right, you know.

AMEN, Donna.

Shelly, your post is based an article that is entirely speculative.

 

[Paula]

I've never understood the betting on the reverse mortgage. It would really stink to live longer than the average, because you will be screwed.

Heck, SJ, I'm really hoping to live longer than average and I don't expect to be screwed financially, in part, because we've had 4 wonderful realtors (and others in the business) help us find great (and grayt) places. In our case, our children will thank us someday and, ideally, will be happy to have us hanging around longer than average. I think for women the average life span is around 85 or so and I'm going for at least 96 (I'm knocking on wood right now -- is there a smiley for that?). Who wants to plan the 2050 SoWal hodown with me? I'll bring the bocce game.

Log onto http://www.realage.com and learn what your real age is (based on health habits rather than chronological age) or http://www.livingto100.com and find out how long you're expected to live based on your health habits.

 

[SHELLY]

In addition, borrowers are required to take HUD approved counseling by someone other than the lender or broker - such as a non profit or public agency or from a Fannie Mae counselor. This is a condition of eligibility.

Hey Spin,

Would you happen to know the Atlanta Mortgage guy called Kal Wayman (http://gotkal.3gmedia.com/)

His commerical is...well....priceless. Is this a sign of the times? YouTube - Broadcast Yourself.



.

 

[spinDrAtl]

Never heard of him, his company, or his commercial. It's 3 minutes so it's not running on any regular shows - must be a late night thing mixed in with all those chat line ads.