Consumption and Real Estate
Can you figure out why so many Banks are jumping into the REVERSE MORTGAGE SCAM, Banks must be doing good.?
Question : Can you figure out why so many Banks are jumping into the REVERSE MORTGAGE SCAM, Banks must be doing good.?
Specially when this deal is backed by the Federal Mortgage enterprises like Fannie Mae or FHA, anyway I heard once that the are privatelly owned and not GOP, explain please!!!
fha reverse mortgage
Best answer:
Answer by Tony D
Why is this a scam? Is it better for older retirees to have to sell their home, lose their favored tax base and be subject to all kinds of real scams with a load of cash in their bank? This is a valid tool for intelligent use. I wish my folks had access to it when they were getting older. They would have enjoyed their last years more with travel and entertainment. You may want to get some more data on this program before you condemn it and the banks that offer it.
Scam??? You are poorly informed. Reverse mortgages help alot of ppl in our older generation. For instance, their medications total $ 1000 per month, but their SSI and medicare only give them $ 600! I am a mortgage loan officer. My grandmother is 87 years old, her home is paid off, why should she live below poverty levels?? None of her children want any inheritance. Why should she live pay to pay on SSI, when she is sitting on income??????? It is not a scam, when applied to the correct areas/demographics. It is monitored by the FTC, Federal Trade Commission.
In order to be eligible for a reverse mortgage, you have to meet certain criteria. Have you really done your homework?