This fear-based line of thinking is aimed at the reverse-mortgage crowd and is eerily reminiscent of the 1980s.
I find it amazing that every time I applied for a mortgage to buy or refinance I got an appraisal at or above my purchase price. That is until I applied for a reverse mortgage. I hope there is a special place in hell for the appraiser puppets and their puppet masters – courtesy of our ever intrusive incompetent government in Washington D.C.
But is a reverse mortgage really as good as advertised? Or is it a ripoff that separates you from the hard earned equity you've built up over.
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Reverse mortgages are not a rip-off at all; they are a federally insured loan 1 that allows homeowners 62 and older to convert a portion of their home equity into usable funds without having to repay the loan for as long as they continue to meet the loan obligations. 2
I do not believe that it is a ripoff but you should understand all the cost implications before you take one out. Typically the homeowner pays all the fees associated with setting up a reverse mortgage and the interest rates charged may be higher than the rate that someone would pay on a regular mortgage.
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home equity conversion mortgage (hecm), and is only available through an FHA-approved lender.
Citing two 2015 reports authored by the Consumer Financial Protection Bureau (CFPB) that detailed associated risks and complaints with the HECM program, the first report – titled “Snapshot of Reverse.
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Is A Reverse Mortgage A Ripoff? | Robertsoncountygop – The Reverse Mortgage Sham – movingadvocateteam.com – I first heard about Reverse Mortgage loans from a friend who attended a reverse mortgage seminar. The seminar hyped on all the so called benefits of reverse mortgages without telling you that it is just a sham to rip off the only.
It has gotten bad out there, and these days "out there" means your living room. Into that mess steps the reverse mortgage.