Comments on: The Reverse Mortgage: A Wolf in Sheep’s Clothing http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html News for Consumers in Changing Times Sun, 12 Feb 2012 04:49:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anonymous http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html/comment-page-1#comment-588 Anonymous Tue, 17 Apr 2007 19:38:00 +0000 http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html#comment-588 Talk about uninformed. The writer here, if you can call him that, is both lazy and irresponsible. I've sold both forward and reverse mortgages for 6 years and I've never seen more misinformation put out as fact. And then telling seniors "...it might just be time to sell your home..." begs the questions, where do they go? This is really a sloppy attempt at informing seniors about their options. Go work at a mall where you can't confuse seniors trying to enjoy their last years. Talk about uninformed. The writer here, if you can call him that, is both lazy and irresponsible. I’ve sold both forward and reverse mortgages for 6 years and I’ve never seen more misinformation put out as fact. And then telling seniors “…it might just be time to sell your home…” begs the questions, where do they go? This is really a sloppy attempt at informing seniors about their options. Go work at a mall where you can’t confuse seniors trying to enjoy their last years.

]]> By: James http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html/comment-page-1#comment-584 James Tue, 17 Apr 2007 02:28:00 +0000 http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html#comment-584 Hi GG,<br/><br/>I'm with you there. It doesn't many any sense to get into debt when you are a senior citizen! <br/><br/>Best,<br/><br/>James Hi GG,

I’m with you there. It doesn’t many any sense to get into debt when you are a senior citizen!

Best,

James

]]> By: M http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html/comment-page-1#comment-363 M Fri, 09 Mar 2007 05:01:00 +0000 http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html#comment-363 A reverse mortgage is exactly the answer that many independent seniors need. The government is so committed to the program that the number caps are expected to rise again very soon. <br/> As far as saddling the children with the burden of owing something on the home when Mom and Dad are gone, they would not have this burden if they would step up to the plate to help Mom and Dad while they are still here. Many children have divested themselves of their parents situations. <br/> A parent that wants to maintain a better lifestyle than what Social Security can offer at least has that option with the reverse mortgage program. Also, if the funds from the reverse mortgage are deposited into a single premium life annuity, the payments do not go away when the parents need to leave the house for whatever reason.<br/>It is supposed in financial circles that because our seniors spent their entire lives working and planning (not failing to plan)towards retirement that their largest asset will become a supplement to their social security income. This is very apparent when considering the government emphasis on regulating and growing the HECM program.<br/>Let our seniors live the lives they worked for.<br/><br/>Scott Peterson <br/>Senior Analyst, Senior American Funding<br/>sfpeterson@gmail.com A reverse mortgage is exactly the answer that many independent seniors need. The government is so committed to the program that the number caps are expected to rise again very soon.
As far as saddling the children with the burden of owing something on the home when Mom and Dad are gone, they would not have this burden if they would step up to the plate to help Mom and Dad while they are still here. Many children have divested themselves of their parents situations.
A parent that wants to maintain a better lifestyle than what Social Security can offer at least has that option with the reverse mortgage program. Also, if the funds from the reverse mortgage are deposited into a single premium life annuity, the payments do not go away when the parents need to leave the house for whatever reason.
It is supposed in financial circles that because our seniors spent their entire lives working and planning (not failing to plan)towards retirement that their largest asset will become a supplement to their social security income. This is very apparent when considering the government emphasis on regulating and growing the HECM program.
Let our seniors live the lives they worked for.

Scott Peterson
Senior Analyst, Senior American Funding
sfpeterson@gmail.com

]]> By: theltcexpert http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html/comment-page-1#comment-227 theltcexpert Thu, 22 Feb 2007 20:04:00 +0000 http://www.americanconsumernews.com/2007/02/the-reverse-mortgage-a-wolf-in-sheep%e2%80%99s-clothing.html#comment-227 I would certainly have to disagree with you on many points. Interest rates are not the highest in the mortgage industry. They are federally regulated, and are 1.5+ the T-Bill rate (regardless of credit score or income level). Many seniors take out a reverse mortgage because they can't AFFORD to make payments (nor do they qualify based on SS income)on a traditional mortgage.<br/><br/>Let's see- also because HUD backs and regulates this program, seniors homes cannot be taken away from them. Their names remain on title. In fact with really good estate planning, a senior can use a reverse mortgage to pay for important things like long-term care insurance premiums, or buy life insurance that will doulbe or triple the value of their estate for their heirs. <br/><br/>The National Council on Aging recently did a study on reverse mortgages and seniors....might be worth a read. www.ncoa.org... or an AARP also supports the use of reverse mortgages for seniors.<br/><br/>It's not a fit for everyone, but the information you just put on your blog is misleading and very under-educated.<br/><br/>Valerie VanBooven RN, BSN, PGCM<br/>www.theltcexpert.com I would certainly have to disagree with you on many points. Interest rates are not the highest in the mortgage industry. They are federally regulated, and are 1.5+ the T-Bill rate (regardless of credit score or income level). Many seniors take out a reverse mortgage because they can’t AFFORD to make payments (nor do they qualify based on SS income)on a traditional mortgage.

Let’s see- also because HUD backs and regulates this program, seniors homes cannot be taken away from them. Their names remain on title. In fact with really good estate planning, a senior can use a reverse mortgage to pay for important things like long-term care insurance premiums, or buy life insurance that will doulbe or triple the value of their estate for their heirs.

The National Council on Aging recently did a study on reverse mortgages and seniors….might be worth a read. http://www.ncoa.org... or an AARP also supports the use of reverse mortgages for seniors.

It’s not a fit for everyone, but the information you just put on your blog is misleading and very under-educated.

Valerie VanBooven RN, BSN, PGCM
http://www.theltcexpert.com

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