Considering a reverse mortgage? Perhaps to shore up your budget or raise funds for a big purchase? Stop and save yourself from financial ruin.
Contrary to statements in ads, reverse mortgages do not provide any income and they bring on new ways for your home to be seized. In the process they charge interest and fees higher than even the worst credit cards.
If used to get funds for only a short spell, reverse mortgages are more usurious than the vig demanded by loan sharks. If used to get cash for an extended period, a reverse mortgage is basically a contract through which a home is sold for a fraction of its market value.
Reverse mortgages are cruelly aimed at vulnerable seniors struggling to make ends meet. Victims are conned through cleverly scripted ads featuring well-known actors whose familiarity induces trust. This trust is horribly misplaced as viewers are goaded to grab some easy cash while blindly handing the bank vastly more in terms of home equity.
There are a number of prudent options for homeowners seeking financial security and better cash flow. For every benefit, situation or goal mentioned in a reverse mortgage ad, there is a better solution.
This blog and our eBook The Final Rip-Off: Reverse Mortgages were written to help the unwary and the tempted. One group of posts (and even more book chapters) illuminates the bad features of reverse mortgages. Another group of posts (and again more book chapters) highlights the major uses promoted in commercials and by unscrupulous planners. In every case, reverse mortgages make things worse
No rational person who fully understands a reverse mortgage would ever get one.
Get the whole picture. Read The Final Rip-Off: Reverse Mortgages available at Amazon and Barnes & Noble.