Reverse Mortgage Broken Down

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Just watched a television commercial where a woman named Dale Allen and a stately looking gentleman named Bill Hennessey assured elderly America that reverse mortgages are an excellent option if you are fighting to pay your monthly bills while living on a fixed income.

As you can see in the below screenshot, a reverse mortgage promises you NO FINANCIAL WORRIES.

Whoa!....easy now....how many discerning, intelligent folks would believe an advertisement that promised a life without financial worries? Sounds like it is time to do a little research.


The first thing around 15 minutes worth of research reveals is that a reverse mortgage is an inoffensive substitute for the word LOAN. A reverse mortgage is a loan backed by the equity you have in your home. Sort of like a line of credit in the form of monthly payments guaranteed by your home equity.

The second thing that Bill Hennessey and Dale Allen did NOT mention is that the origination fees for the loans average around 3%. That means if you have a $200,000 home, then you have to come up with six thousand dollars in cold cash to start receiving your monthly payments of somewhere around $800.

Does this even remotely sound like a Life Without Financial Worries or somebody who is interested in helping America's Seniors?




Comments

  1. UnknownJune 2, 2015 at 11:14 PM

    Reverse mortgage is a good substitute for loan if you have home equity. Experts actually recommend this to senior citizens 62 and up who need additional funds to cover their future expenses. Those who are asking what is a reverse mortgage can find the answer through these resources: http://www.revmortgage.org/education/what-is-a-reverse-mortgage/ and https://www.consumer.ftc.gov/articles/0192-reverse-mortgages. This is beneficial to people who need additional funds during retirement. However, this is not advisable for people who want to leave their home to their children, relocate or travel. It also involves several fees and costs that you can pay using your loan proceeds. But don't worry because the lenders will analyze everything first and calculate the costs. There are also some lenders that lower the origination fees or even waive them.

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