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Should reverse mortages for seniors be illegal?

By 121212   2012 Dec 26, 7:51am   3,797 views   21 comments   watch (0)   quote      

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?

#housing

Comments 1-21 of 21     Last »

1   zzyzzx   559/559 = 100% civil   2012 Dec 26, 7:58am  ↑ like   ↓ dislike (2)   quote    

121212 says

Should reverse mortages for seniors be ilegal?

Yes!

2   121212     2012 Dec 26, 9:27am  ↑ like (2)   ↓ dislike (2)   quote    

I'm sick and tired of these commercials targeting seniors!

They use Fred Thompson every time!

at least use Betty White!!!

3   woppa     2012 Dec 26, 9:33am  ↑ like (1)   ↓ dislike   quote    

Reverse mortgages are grimy, just about everything to do with banks is.

4   APOCALYPSEFUCKisShostikovitch     2012 Dec 26, 9:36am  ↑ like (2)   ↓ dislike (1)   quote    

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     2012 Dec 26, 9:37am  ↑ like (1)   ↓ dislike (2)   quote    

"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     2012 Dec 26, 9:57am  ↑ like (1)   ↓ dislike   quote    

Yes,It should be illegal

7   Tenpoundbass   958/959 = 99% civil   2012 Dec 26, 10:00am  ↑ like   ↓ dislike (1)   quote    

Here's my surprised look that it survived financial reform.

..
O

8   Raw     2012 Dec 26, 10:23am  ↑ like   ↓ dislike (2)   quote    

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.

9   lostand confused   208/208 = 100% civil   2012 Dec 26, 12:40pm  ↑ like   ↓ dislike   quote    

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.

10   zzyzzx   559/559 = 100% civil   2012 Dec 27, 12:25pm  ↑ like   ↓ dislike (1)   quote    

121212 says

They use Fred Thompson every time!

at least use Betty White!!!

You forgot Fonzie!

11   Tenpoundbass   958/959 = 99% civil   2012 Dec 28, 1:05am  ↑ like (1)   ↓ dislike (1)   quote    

I wonder if Henry Wrinkler says...
"Ayyyyye"

when he sits on his Hemmy ring.

Here Fonzie sit on it...

Ayyyye!

12   121212     2012 Dec 28, 2:30am  ↑ like (2)   ↓ dislike (2)   quote    

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.

13   turtledove     2012 Dec 28, 2:48am  ↑ like (1)   ↓ dislike   quote    

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.

14   Peter P   78/78 = 100% civil   2012 Dec 28, 2:57am  ↑ like   ↓ dislike   quote    

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.

15   121212     2012 Dec 28, 2:59am  ↑ like (1)   ↓ dislike   quote    

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.

16   Peter P   78/78 = 100% civil   2012 Dec 28, 3:08am  ↑ like   ↓ dislike (1)   quote    

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.

17   121212     2012 Dec 28, 4:06am  ↑ like (1)   ↓ dislike   quote    

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."

18   zzyzzx   559/559 = 100% civil   2012 Dec 28, 7:32am  ↑ like   ↓ dislike (1)   quote    

121212 Never watched the TV show Happy Days???

19   RentingForHalfTheCost     2012 Dec 28, 7:38am  ↑ like (1)   ↓ dislike   quote    

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.

20   121212     2012 Dec 28, 8:20am  ↑ like (2)   ↓ dislike   quote    

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. :):)

21   APOCALYPSEFUCKisShostikovitch     2012 Dec 28, 8:48am  ↑ like (2)   ↓ dislike   quote    

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.

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