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Thread: Damn You, Tom Selleck!

  1. #131
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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by Rexedgar View Post
    Not sure I have caught the new ad, what’s Selleck’s “involvement?”

    I can’t imagine he is a customer......
    I don't think they picked him because he's a customer. Most commercials are the way, like Capital One.
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  2. #132
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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by Helix View Post
    it is understood that you support reverse mortgage scams and robbing people outside of senior citizens' center fish fries. man, that must be a fun position to defend. is it personally profitable?
    I did a little research yesterday. The foreclosure ratio for reverse mortgages is about 3% higher than for other mortgage loans. 74% of those foreclosures commence after the demise of the mortgagor(s). 96% of the post demise foreclosures are rescued by either conveyance or refinancing by the heirs, compared to the 91% rescue of other foreclosures. Of the 26% of foreclosures, all resulted from failure of terms, non-payment of re taxes, lapse of insurance, failure of maintenance to a point where local authorities deemed by violations the property uninhabitable. Less than 3% of those foreclosures proceeded to eviction, less than the 3.7% mean eviction ratio for other mortgage vehicle foreclosures. The courts have generally burdened the mortgagees with an obligation to find alternate housing for reverse mortgage mortgagors before allowing eviction of foreclosed parties. Something not done for other evicted foreclosed, and at times keeping the parties as tenants in a rental conversion, granting life estates when conveying to a third party.

    The numbers take the wind out of your sails when you claim senior citizens are losing their homes to reverse mortgages.

    The real mitigating predatory factors are reverse mortgages usually face fees for brokerage, origination and so forth more than 30% higher than other mortgage loans, and close with interest rates 1-2% higher than other mortgage loans. Not unusual for equity loans of all kinds, as opposed to income based loans. Equity loans are considered higher risk by lending institutions. In other words, the danger is on the front end, not the back.

    The most popular reverse mortgages are credit line loans, where the money is drawn down on a monthly basis when needed or at other times of need (i.e. I need a new roof). Credit line mortgages rarely meet the maximum loan amount, meaning the balances are lower, easier to satisfy or rescue. Under recent changes, 2018, per Federal legislation, fees now have a ceiling not greater than 1.5% the market mean for all mortgages in a given market region. This applies to all Federally insured mortgages.
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  3. #133
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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by American View Post
    I don't think they picked him because he's a customer. Most commercials are the way, like Capital One.
    C’mon, you don’t think there is one in Jennifer Garner’s wallet?
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    Re: Damn You, Tom Selleck!

    The truth is the Reverse Mortgage problem is secondary. The real problem is most people are not financially capable of retirement. People who don't invest or save for retirement soon find out that they can't survive on Social Security alone. Their choices are go back to work, reduce their lifestyle to the level of their income or borrow against the equity in their homes via a Reverse Mortgage. But alas, there is no such thing as free money. Sooner or later the piper needs to be paid. All these people knew what they were getting into and all of them got the money they were promised. These loans just delayed the inevitable. It allowed them to live better for a few more years or do things they wanted to do, but then they ended up in the same place they started except they have no more assets to fall back on. Welcome to the world. Life is tough, it is even tougher if you are stupid.

    Tom Selleck is not responsible for that, he is doing nothing but hawking a legal service. He is no more responsible for your financial ignorance than Matthew McConaughey is responsible for your broken down car that he hawked.

    The real question is why do liberals always want to blame others for their failures. That is all this thread is about.

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