Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
Reverse Mortgages
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="1911Sooner" data-source="post: 1328468" data-attributes="member: 9"><p>Funny I haven't been able to find one article saying what a great idea it is. This one is pretty informative as well....</p><p> </p><p><a href="http://clarkhoward.com/liveweb/shownotes/2009/08/19/16468/" target="_blank">http://clarkhoward.com/liveweb/shownotes/2009/08/19/16468/</a></p><p> </p><p><strong>Aug 19, 2009 -- Reverse mortgages continue to be a bad deal for seniors</strong></p><p></p><p>Reverse mortgages have been very popular as of late with seniors. With a reverse mortgage, an elder gets to stay in his or her home and collect a check each month from the mortgage company.</p><p></p><p>You essentially turn your house into an ATM. It's been particularly attractive to seniors who can't afford to sell at a loss and are in need of supplemental income.</p><p></p><p>But what seems good in concept has not been good in reality. Reverse mortgages have historically come with exorbitant fees and expenses. The forthcoming September issue of <em>Consumer Reports</em> has a write-up on why they stink. Keep an eye out for it shortly on a magazine rack near you.</p><p></p><p>Meanwhile, the Federal Reserve is taking a look at the main part of the mortgage market. There are new proposed rules now open to comment from the mortgage industry through November.</p><p></p><p>In short, the Fed is trying to force mortgage lenders to lay out in plain English what will happen to you in a loan or home equity line. The proposals would also outlaw kickbacks where lenders purposely put you into a higher cost loan to earn compensation.</p><p></p><p>Clark hopes the Fed stands up to the mortgage business and doesn't weaken its proposals. We need the industry to have fiduciary duty and work for us, not against us.</p><p></p><p>And remember to always get several mortgage offers before making a final decision.</p></blockquote><p></p>
[QUOTE="1911Sooner, post: 1328468, member: 9"] Funny I haven't been able to find one article saying what a great idea it is. This one is pretty informative as well.... [URL]http://clarkhoward.com/liveweb/shownotes/2009/08/19/16468/[/URL] [B]Aug 19, 2009 -- Reverse mortgages continue to be a bad deal for seniors[/B] Reverse mortgages have been very popular as of late with seniors. With a reverse mortgage, an elder gets to stay in his or her home and collect a check each month from the mortgage company. You essentially turn your house into an ATM. It's been particularly attractive to seniors who can't afford to sell at a loss and are in need of supplemental income. But what seems good in concept has not been good in reality. Reverse mortgages have historically come with exorbitant fees and expenses. The forthcoming September issue of [I]Consumer Reports[/I] has a write-up on why they stink. Keep an eye out for it shortly on a magazine rack near you. Meanwhile, the Federal Reserve is taking a look at the main part of the mortgage market. There are new proposed rules now open to comment from the mortgage industry through November. In short, the Fed is trying to force mortgage lenders to lay out in plain English what will happen to you in a loan or home equity line. The proposals would also outlaw kickbacks where lenders purposely put you into a higher cost loan to earn compensation. Clark hopes the Fed stands up to the mortgage business and doesn't weaken its proposals. We need the industry to have fiduciary duty and work for us, not against us. And remember to always get several mortgage offers before making a final decision. [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
Reverse Mortgages
Search titles only
By:
Top
Bottom