Saturday, January 2, 2010, AM | 4 Comments
Reverse mortgage by its very nature is targeted towards seniors – age 62 or older – as against sub-prime market where everyone got screwed regardless of age. Sub-prime went down the drain so the story goes or at least we are being led to believe it did.
You know that the National Consumer Law Center keeps getting reports after reports out for the benefit of us ordinary folks. They have one report out and is called seniors and their home equity threatened as sub-prime lenders abuses appear in reverse mortgage market.
The essence of the report is “How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at Risk.” Many of the same players who played the Super Bowl of sub-prime fiasco are the same folks behind the potential World Series of reverse mortgage now.
We all understand it’s a free market but it does not have to turn into another fiasco of the same grandeur as the sub-prime one.
The report, after reading it and as I understand it, is a Beware to the consumers. The problem is no matter how much we try to avoid these mistakes or rather blunders of the utmost, we just fall for the advertisements and the sweet talk.
Be advised and be warned that once you fall for the sugar-laden talk, you will lose what you have worked hard all your life to gain. The anacondas with their already swollen bellies are still and will always, it seems, swim in the swamp of your financial misery.
In a Nutshell
Don’t let anyone come near your personal finances with bad intentions. But how would you know if they are legit or not? Get in the online world, do research and then still some more to make sure you don’t swim with the schmucks and the crooks. Sometimes, some folks, for better or worse, still watch the same bad movie many times over. Don’t be one.
However, this is one time we must stop watching it. When there is a negative, there is a positive. There are certainly legitimate companies that would help you bring back your livelihood with the help of reverse mortgage. It’s not something bad, rather can be good. But you just have to watch out for the schmucks – that’s all.
What do you think?Facebook.com/doable.finance