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Damn You, Tom Selleck!

What does he know about foreclosure anyway, or worrying about making his bills? Google says he only has a net worth of $45 million...:roll:
 
Seniors were sold a risk-free retirement with reverse mortgages. Now they face foreclosure.

Seniors face foreclosure in retirement after failed reverse mortgage



Check out Tom’s view.........


and nothing in that article indicates the foreclosures were anything other than legitimate actions by the lenders to secure their liability thru the chattel mortgage

the owners of the property, the loan recipients, received up to 80% of the fair market value of their homes
they were NOT obligated to pay anything to the lender. they were obligated to maintain hazard insurance on the real property and to keep property taxes current - just like every other mortgagor - including those who have conventional, non-reverse, mortgages

the owners died, if the family does not pay ff the mortgage balance, then the house goes into foreclosure
what is wrong with that approach?
if the mortgagor fails to pay property taxes, the home is subject to foreclosure by the tax collector, which collector has a claim paramount to the mortgagee
so, what is so unreasonable for the mortgagee to expect the mortgagor to pay their taxes?
if the mortgagor fails to maintain property insurance on the home and it suffers a calamity of flood, fire, mudslide, etc., then the mortgagee has lost much of its collateral value
why is it unreasonable for the mortgagee to expect such hazard insurance coverage to be maintained?

from that article, the persons responsible for the foreclosure were those who failed to comply with the terms of the mortgage. just like anyone else who defaults on the loan covenants, that subject the property, the collateral of the underlying loan, to foreclosure action
so, why is it that they are presented as the victims and the mortgagees as villians in that article?
 
When a celeb is offered more than $1 mil dollars to promote reverse mortgages media ads/commercials and all he/she has to do is to move around while reading the teleprompter,who cares about the results ? The celebs don't.
Now you asked about trust of a squeaky clean living person or celeb ? Getting paid is all that matters. Three months from now it will all be forgotten.
 
it's sad when actors that i used to like make commercials to help the banksters rob old people.
 
He's a water thief......
 
it's sad when actors that i used to like make commercials to help the banksters rob old people.

how are they robbing old people?
those banksters gave the home owners up to 80% of their home's fair market value and never required the home owners to repay that money while they were alive and compliant with the terms of the mortgage

they are similarly 'robbing' young people who also fail to pay their property taxes or maintain hazard insurance

that 'robbing' aka 'foreclosing' is the way lenders recover their loans when the borrowers fail to meet the terms and conditions of the contract they signed
 
how are they robbing old people?
those banksters gave the home owners up to 80% of their home's fair market value and never required the home owners to repay that money while they were alive and compliant with the terms of the mortgage

they are similarly 'robbing' young people who also fail to pay their property taxes or maintain hazard insurance

that 'robbing' aka 'foreclosing' is the way lenders recover their loans when the borrowers fail to meet the terms and conditions of the contract they signed

reverse mortgages are a scam designed to prey on the elderly.

Don't be Suckered into Buying a Reverse Mortgage — Consumer Reports
 
Poor planning.....the home owners should have planned on being debt free by age 50 or sooner.
I advised several friends over the years to scale back their high living and to prepare for retirement, but they didn't listen.
What can you do?
 
it's sad when actors that i used to like make commercials to help the banksters rob old people.

Like the character... you don't know the actor.
 
see the link.

i read it in its entirety and found nothing that differentiates the portfolio management of reverse mortgages differently than conventional ones

if you found something that does illustrate the difference, please share it
 
Poor planning.....the home owners should have planned on being debt free by age 50 or sooner.
I advised several friends over the years to scale back their high living and to prepare for retirement, but they didn't listen.
What can you do?

as the article noted, those borrowers who drew down the loan in a lump sum were the hardest hit. that likely speaks to poor money management on their part. explains being unable to pay for taxes and insurance despite (previously) having access to a windfall
 
i read it in its entirety and found nothing that differentiates the portfolio management of reverse mortgages differently than conventional ones

if you found something that does illustrate the difference, please share it

have you and i had an argument about ripping off old people with reverse mortgages previously? i have a vague memory of that discussion, but i'd need to look it up.
 
justabubba said:
i read it in its entirety and found nothing that differentiates the portfolio management of reverse mortgages differently than conventional ones

if you found something that does illustrate the difference, please share it

have you and i had an argument about ripping off old people with reverse mortgages previously? i have a vague memory of that discussion, but i'd need to look it up.

yep.

Reverse Mortgage.

refer to my posts in the linked thread, as my stance has not changed.
 
yep.

Reverse Mortgage.

refer to my posts in the linked thread, as my stance has not changed.

what has not changed is your inability to articulate what about reverse mortgages is detrimental to old people
 
what has not changed is your inability to articulate what about reverse mortgages is detrimental to old people

i don't like ripping off old people even if it's my employer that is doing it. i'm sorry that you feel a need to justify it.
 
i don't like ripping off old people even if it's my employer that is doing it. i'm sorry that you feel a need to justify it.

there is no ripping off being done

there are instances where borrowers were unable to manage the money they received from the mortgage, such that they were unable to pay the taxes and maintain the insurance on the collateral securing the reverse mortgage
just like non-reverse mortgage borrowers

if you have a mortgage and you fail to pay your taxes and/or maintain hazard insurance on your home, what will your lender do?
 
there is no ripping off being done

there are instances where borrowers were unable to manage the money they received from the mortgage, such that they were unable to pay the taxes and maintain the insurance on the collateral securing the reverse mortgage
just like non-reverse mortgage borrowers

if you have a mortgage and you fail to pay your taxes and/or maintain hazard insurance on your home, what will your lender do?

it is a complete rip off. i hope that no elderly people you know get scammed by reverse mortgage asshole banksters.
 
Got one of those victims right here in. Man, that was a long and seemingly endless mess until it got straightened out. It didn't just affect the old folks who fell for the reverse mortgage, but when they left, they didn't bother with outside maintenance. Neighbors had to see to it that the weeds and the assorted wildlife didn't take over the hood.
 
please explain how reverse mortgages exploit the elderly in any way different than a conventional mortgage

I was thinking about this as a retirement income enhancement for my fiancee's parents.

The percentages didn't stack up right upon a very cursory examination of the process.

The ROI is all wrong.

I'm not financial expert, but I dropped the consideration after about a 15 minute review.

I suppose there are situations where this might be a good fit, but not for the folks I was thinking about and not from the house they own.
 
**** these stupid old people. They should have planned better. They should have read the contract. It's their fault, the banks aren't predatory. They're just there to make a small profit for their shareholders, reinvest and develop new products!

They got what they were paid for!
 
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