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Damn You, Tom Selleck!

I meant in reality.

This product and industry is much like the pay day loan industry or what some call loan sharking. Its a form of usury. When people say government regulations hurt more then help, they forget that the lack of regulations can also hurt. I would make all these types of loans illegal if I had the power to do so.
 
effective reverse mortgage shysters prefer to target vulnerable elderly people who are possibly suffering from dementia for fleecing. you don't appear to fit into that group. perhaps a payday loan? if you're willing to meet me in Ohio, i can get you fixed up for 667%. apply now!

I believe all such mortgage concept have to be government approved before they are used.
 
This product and industry is much like the pay day loan industry or what some call loan sharking. Its a form of usury. When people say government regulations hurt more then help, they forget that the lack of regulations can also hurt. I would make all these types of loans illegal if I had the power to do so.

At the very least, I would clamp down on them hard.
 
I believe all such mortgage concept have to be government approved before they are used.

That's probably a level of scrutiny that rivals the FISA kangaroo court warrant factory. To be honest, though, it's probably not that bad.
 
Have you seen his latest commercial? Looks like he's been catching **** for being part of AAG's commercial. He talks pretty plainly about his involvement.


Also Tom isn’t speaking from a bazillion dollar loft apartment.

I believe all such mortgage concept have to be government approved before they are used.

..not all that reassuring!
 
I'm sure that if I were assigned the task, I could make a case for payday or even mob loans using carefully chosen anecdotal evidence. They are both still scams used to prey on the vulnerable in many if not most cases.

I doubt it. With the vig due loansharks, always a rip off or lost leg.

As I stated, I am not a fan of reverse mortgages. The primary problem is not the vehicle, but the marketing. No different than how annuities are sold to the elderly. The secondary problem, equally acute, is that the borrowers, who are usually financially unsophisticated, do not first seek the assistance of qualified professionals. Caveat emptor, the onus is on them. Due on death mortgage security clauses can be delayed by pending litigation while a property is marketed by heirs, and satisfied at time of closing. The decision to protect the remaining equity is an issue for the heirs. Borrowers who could not afford re taxes, maintenance and insurance are vulnerable to loss of the property regardless of not financing or using another vehicle to tap the equity.

While the emotional and sentimental attachments to a home can be daunting for the elderly, retaining that home may not be the best practical solution. Opting for downsizing, even renting an apartment, freeing the individual from the no longer existing physical ability to maintain the property can be better choices. Money is not the only reason for parting with a property. I hate the idea of not being able to drive. That loss of mobility is frightening to me. But there will come a time, if I live long enough, when it will be a necessity for the safety of others, not only myself.

There are many scenarios where a reverse mortgage can be part of a solution. Unfortunately aggressive unscrupulous marketing has given the vehicle a black eye. No vehicle is intrinsically good or bad. If it gets you from point A to point B, without collisions, it is effective and has a place, everything is in how it is used.
 
Also Tom isn’t speaking from a bazillion dollar loft apartment.



..not all that reassuring!

The current mortgage on your home was approved the same way.
 
well, perhaps you will get your wish. sadly, you're no Tom Selleck. i'm not sold on your favorite scam to remove wealth from elderly people.

when it is providing cash to the elderly, and do not compel them to pay it back, that is not a scam
 
Have you seen his latest commercial? Looks like he's been catching **** for being part of AAG's commercial. He talks pretty plainly about his involvement.

Not sure I have caught the new ad, what’s Selleck’s “involvement?”

I can’t imagine he is a customer......
 
Not sure I have caught the new ad, what’s Selleck’s “involvement?”

I can’t imagine he is a customer......

I think there was a perception that he might have been duped into doing the commercial, because his integrity is pretty highly respected. He more or less answers that concern.
 
when it is providing cash to the elderly, and do not compel them to pay it back, that is not a scam

It's a big, fat, smelly turd no matter how many layers of chocolate coating you put on it.
 
It's a big, fat, smelly turd no matter how many layers of chocolate coating you put on it.

while you keep insisting this program is a sham you fail to articulate what causes you to come to that determination. so, share your facts with us
 
The banks have million $'s lawyers. The home owner and little guy has no one to handle the 'fine print'. Even if they 'hire' a lawyer he's usually no match for the billion $ banks and Corps.

Funny how the Republicans ALWAYS favor the banks and Corps.

Pretty much says it all.
 
The banks have million $'s lawyers. The home owner and little guy has no one to handle the 'fine print'. Even if they 'hire' a lawyer he's usually no match for the billion $ banks and Corps.

Funny how the Republicans ALWAYS favor the banks and Corps.

Pretty much says it all.

nice thing about the court system is that a good lawyer can establish the truth for the court to see/hear
in this instance, the "scammer" even provided a bankroll for the plaintiff to afford such an attorney
 
The banks have million $'s lawyers. The home owner and little guy has no one to handle the 'fine print'. Even if they 'hire' a lawyer he's usually no match for the billion $ banks and Corps.

Funny how the Republicans ALWAYS favor the banks and Corps.

Pretty much says it all.

The first reverse mortgages were a product of Greenpoint Credit Union, designed by Democratic party leader Amadeo Henry "Meade" Esposito. The purpose, to assist elderly home owners. Meade also founded the first Meals on Wheels for the home bound elderly. Meade served as party leader from 1969 to 1984. Your partisan politics do not enter into this discussion.
 
nice thing about the court system is that a good lawyer can establish the truth for the court to see/hear
in this instance, the "scammer" even provided a bankroll for the plaintiff to afford such an attorney

The 'justice' scales heavily favor the big boys with big bucks. Simple as that.

By then, with the help of another low-cost community attorney, Roebuck, partially blind and arthritic, had received a health deferment of his foreclosure. He has filed both Chapter 7 and 13 bankruptcy and lives in the home year-to-year, at the mercy of a judge continuing to rule in his favor.

“This is like a nightmare, man,” he said.
 
The first reverse mortgages were a product of Greenpoint Credit Union, designed by Democratic party leader Amadeo Henry "Meade" Esposito. The purpose, to assist elderly home owners. Meade also founded the first Meals on Wheels for the home bound elderly. Meade served as party leader from 1969 to 1984. Your partisan politics do not enter into this discussion.

1960's what? lol

I'm talking about NOW!! NOW!!! The Republican party of 30+ years ago is looooong gone. I know, I was a Republican for 30+ years.
 
The 'justice' scales heavily favor the big boys with big bucks. Simple as that.

nope

one of the wonderful things about our justice system is that it leans strongly toward the truth

it's as simple as that
 
nope

one of the wonderful things about our justice system is that it leans strongly toward the truth

it's as simple as that

That's all... Check please!!!!

It you think the little guy has a chance against a b'zillion $ Corp you are trolling or being incredibly naive.
 
That's all... Check please!!!!

It you think the little guy has a chance against a b'zillion $ Corp you are trolling or being incredibly naive.

yes, in the vast majority of situations in a court, the truth will prevail. doesn't matter the wealth of the party before the court
 
while you keep insisting this program is a sham you fail to articulate what causes you to come to that determination. so, share your facts with us

The fact is that even though my employer has some policies that I consider ethically questionable, these threads remind me that at least I don't have to gank houses from desperate old people for a living.
 
yes, in the vast majority of situations in a court, the truth will prevail. doesn't matter the wealth of the party before the court

I'll leave it as this:

You're usually a pretty level header poster here. On this issue? Surprising... I can only guess you have a dog in this fight.
 
reverse mortgages are a scam designed to prey on the elderly.

Don't be Suckered into Buying a Reverse Mortgage — Consumer Reports

That's not true. Consider this fact: 17% of Baby Boomers have less than $5,000 saved towards retirement. For some of these people, their greatest asset is their home, and a reverse mortgage could permit them to live in their homes for the rest of their lives, as long as they pay the property taxes, properly maintain it, and insure it, without having to work until they drop dead. These are non-recourse loans, so the borrow will never owe more than what the property could be sold for. Also, a reverse mortgage that can be utilized as a line of credit could be a better solution than a traditional home equity line of credit, or HELOC. During the Great Recession, many banks in need of liquidity canceled or froze HELOC credit lines. Just when a borrower might have needed it most, those funds were not available. On the other hand, with a reverse mortgage that money will be available as long as the borrower adheres to the loan terms. That flexibility could be a lifesaver in case of a financial emergency.

How much Americans have saved for retirement
 
That's not true. Consider this fact: 17% of Baby Boomers have less than $5,000 saved towards retirement. For some of these people, their greatest asset is their home, and a reverse mortgage could permit them to live in their homes for the rest of their lives, as long as they pay the property taxes, properly maintain it, and insure it, without having to work until they drop dead. These are non-recourse loans, so the borrow will never owe more than what the property could be sold for. Also, a reverse mortgage that can be utilized as a line of credit could be a better solution than a traditional home equity line of credit, or HELOC. During the Great Recession, many banks in need of liquidity canceled or froze HELOC credit lines. Just when a borrower might have needed it most, those funds were not available. On the other hand, with a reverse mortgage that money will be available as long as the borrower adheres to the loan terms. That flexibility could be a lifesaver in case of a financial emergency.

How much Americans have saved for retirement

i've already heard the commercial.

honestly, if forced to choose between the banksters and petty criminals who stick up old people outside of the senior citizens' center, i'd almost have to go with the latter. at least in that case, Grandpa only loses a wallet.
 
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