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Should reverse mortages for seniors be illegal?

By 121212   Follow   Wed, 26 Dec 2012, 3:51pm   870 views   22 comments
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Should reverse mortages for seniors be ilegal?

How are seniors expected to maintain new mortgage payments with no income and yet be eligible for a reverse mortgage because they have equity!!

If a senior requires a reverse mortgage to tap equity should't they just sell and down size? maybe rent?

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1. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

   1   3:58pm Wed 26 Dec 2012   Share   Quote   Permalink   Like   Dislike (2)   121212 says Should reverse mortages for seniors be ilegal? Yes!

2. 121212 Follow Befriend 83 threads 687 comments male

   2   5:27pm Wed 26 Dec 2012   Share   Quote   Permalink   Like (2)   Dislike (2)   I'm sick and tired of these commercials targeting seniors! They use Fred Thompson every time! at least use Betty White!!!

3. woppa Follow Befriend (3) 2 threads 178 comments Bronx, NY

   3   5:33pm Wed 26 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike   Reverse mortgages are grimy, just about everything to do with banks is.

4. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 169 threads 4,153 comments Premium

   4   5:36pm Wed 26 Dec 2012   Share   Quote   Permalink   Like (2)   Dislike (1)   Protected   Reverse mortgages should be illegal and outfits marketing them to seniors should be disbanded and their owners, managers and operators should be skull fucked to death.

5. 121212 Follow Befriend 83 threads 687 comments male

   5   5:37pm Wed 26 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike (2)   "Elderly people don't always know that in order to do any kind of refinancing, they must take their property out of their living trust and at the end, put it back in, if that is what they wish. Which, if it was in the trust in the first place, most likely it is what they want. When the time comes that they pass away, their Trustee is left with a huge problem on their hands if the property wasn't put back into the Trust. They must inform the family that the house no longer belongs to anyone but the State and in order to get it back, they have to go into Probate, which could take a year and a lot of money for legal representation. These Reverse Mortgage companies are doing their customers a huge injustice by not doing the right thing and making sure these properties are going back into their customers living trusts. As long as they make their money, who cares what happens after the customer dies right? Wrong! People work hard to have something to leave behind to their loved ones, and we need to protect their rights. This is elderly abuse and should not be tolerated."

6. Repubthug Follow Befriend (1) 3 threads 42 comments

   6   5:57pm Wed 26 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike   Yes,It should be illegal

7. CaptainShuddup Follow Befriend (1) 246 threads 4,656 comments

   7   6:00pm Wed 26 Dec 2012   Share   Quote   Permalink   Like   Dislike (1)   Here's my surprised look that it survived financial reform. .. O

8. Call it Crazy Follow Befriend 228 threads 2,748 comments

   8   6:17pm Wed 26 Dec 2012   Share   Quote   Permalink   Like   Dislike (1)   Maybe they just want to spend down their children's inheritance.....

9. Raw Follow Befriend 10 threads 694 comments

   9   6:23pm Wed 26 Dec 2012   Share   Quote   Permalink   Like   Dislike (2)   Call it Crazy says Maybe they just want to spend down their children's inheritance..... Some children don't deserve inheritance. eg. Criminals, thugs, rapists, drug addicts, and republicans.

10. lostand confused Follow Befriend (9) 160 threads 1,528 comments Premium

    10   8:40pm Wed 26 Dec 2012   Share   Quote   Permalink   Like   Dislike   Protected   Raw says Call it Crazy says Maybe they just want to spend down their children's inheritance..... Some children don't deserve inheritance. eg. Criminals, thugs, rapists, drug addicts, and republicans. Wow.

11. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

    11   8:25pm Thu 27 Dec 2012   Share   Quote   Permalink   Like   Dislike (1)   121212 says They use Fred Thompson every time! at least use Betty White!!! You forgot Fonzie!

12. CaptainShuddup Follow Befriend (1) 246 threads 4,656 comments

    12   9:05am Fri 28 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   I wonder if Henry Wrinkler says... "Ayyyyye" when he sits on his Hemmy ring. Here Fonzie sit on it... Ayyyye!

13. 121212 Follow Befriend 83 threads 687 comments male

    13   10:30am Fri 28 Dec 2012   Share   Quote   Permalink   Like (2)   Dislike (2)   zzyzzx says You forgot Fonzie! Asshole Fonzie! Unbelievable. I actually read that some seniors are mad because of HOA's not allowing reverse mortgages anymore. They are asking the HUD/FHA to insure the reverse mortgages for them.

14. turtledove Follow Befriend 5 threads 93 comments Premium

    14   10:48am Fri 28 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   It's certainly not designed to ensure that the next generation does better than the previous generation. Does anyone know what happens after the person dies? Does the reverse mortgage have to be paid off immediately? Would the people inheriting the house have time to sell it or get a new mortgage before foreclosure.... or would the bank just sieze the property for the bargain price of the reverse mortgage? I suppose if that's true then people getting reverse mortgages should max it out so the bank doesn't get a $500k home for the $100k debt owed. What a nightmare.

15. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    15   10:57am Fri 28 Dec 2012   Share   Quote   Permalink   Like   Dislike   Protected   Of course reverse mortgages should NOT be banned. It is a tool. It may be useful in certain situations for certain people. People must educate themselves with the inner workings of these financial products.

16. 121212 Follow Befriend 83 threads 687 comments male

    16   10:59am Fri 28 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike   Peter P says Of course reverse mortgages should NOT be banned. It is a tool. It may be useful in certain situations for certain people. People must educate themselves with the inner workings of these financial products. FOR SENIORS! Seniors should not be allowed to use these tools.

17. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    17   11:08am Fri 28 Dec 2012   Share   Quote   Permalink   Like   Dislike (1)   Protected   121212 says Peter P says Of course reverse mortgages should NOT be banned. It is a tool. It may be useful in certain situations for certain people. People must educate themselves with the inner workings of these financial products. FOR SENIORS! Seniors should not be allowed to use these tools. Seniors are quite smart and informed nowadays. I bet they know social networking better than I do. We can't protect people from themselves. But we definitely MUST help them become stronger.

18. 121212 Follow Befriend 83 threads 687 comments male

    18   12:06pm Fri 28 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike   Peter P says Seniors are quite smart and informed nowadays. I bet they know social networking better than I do. Did you read the probate post? "Elderly people don't always know that in order to do any kind of refinancing, they must take their property out of their living trust and at the end, put it back in, if that is what they wish. Which, if it was in the trust in the first place, most likely it is what they want. When the time comes that they pass away, their Trustee is left with a huge problem on their hands if the property wasn't put back into the Trust. They must inform the family that the house no longer belongs to anyone but the State and in order to get it back, they have to go into Probate, which could take a year and a lot of money for legal representation. These Reverse Mortgage companies are doing their customers a huge injustice by not doing the right thing and making sure these properties are going back into their customers living trusts. As long as they make their money, who cares what happens after the customer dies right? Wrong! People work hard to have something to leave behind to their loved ones, and we need to protect their rights. This is elderly abuse and should not be tolerated."

19. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

    19   3:32pm Fri 28 Dec 2012   Share   Quote   Permalink   Like   Dislike (1)   121212 Never watched the TV show Happy Days???

20. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 comments Pleasanton, CA Premium

    20   3:38pm Fri 28 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   All mortgages should be illegal. Everyone should have to save and build their own house. Then people will have the right to be proud of their home.

21. 121212 Follow Befriend 83 threads 687 comments male

    21   4:20pm Fri 28 Dec 2012   Share   Quote   Permalink   Like (2)   Dislike   zzyzzx says 121212 Never watched the TV show Happy Days??? Yes yes, I was saying Fonzie is an asshole. Sorry for the confusion, I know I call you an asshole a lot. :):)

22. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 169 threads 4,153 comments Premium

    22   4:48pm Fri 28 Dec 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   Someone needs to rip out Fonzie's eyes and skull fuck him to death. Maybe Joannie with a strap-on. She could use the work and this would be a hit amongst old Happy Days fans and people who believe in steady regulation of the financial services industry.