Comments on: Reverse Mortgages – Who Can I Speak With?

By: Ann S

Ann S — Thu, 26 Feb 2009 20:23:59 +0000

Are all the details explained clearly? Is time given to them to think it over before having to make a choice? Can they change their mind up until a certain point? These are all fair and honest practices. You have to decide if what you're doing is right or wrong. There are bad people everywhere in every industry. You'll know if you work for one, follow your instincts.
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By: mary h

mary h — Thu, 26 Feb 2009 20:21:59 +0000

ooh jeez someone else had a question like this a few months ago. in my opinion- let me present this to ya-
these people worked their butts off their whole life to own their home.
A reverse mortgage offers them quick cash but what they dont realize is they are giving up the homes they worked their whole lives for a minimal amount of cash now. In return they are allowed to stay in their homes with a life estate, but when it comes down to it- by them accepting a reverse mortgage- they are offering up their homes to the bank in return for the amount of money to help them through the last few years of their lives. and god forbid they dont even live that much longer.
Hey its just my opinion but i think its kinda a dirty practice taking advantage of older people. I think most of these people that fall into the trap had the intentions of leaving their house to the kids or grandkids. and just dont realize they no longer own their house so when they pass away theres nothing to leave, Keep in mind older people are not up to date with these sketchy contracts of lending money that we know now .
could you convince grandma to sign over her home for 30 grand? just do she can stay there for 3 or 4 more years and have a few bucks in her pocket??
On the other hand – its a good offer for people who dont have kids- no family- and want to spend the remaining years of their life- say traveling. and they are totally aware of what their getting into….but theres a fine line there when dealing only to seniors- who's to make the choice of rather they understand or are a prime canidate for a reverse mortgage?? it sure shouldnt be the sales person trying to make a buck that decides that.
and besides that- if a older person wants some extra cash on hand to do some traveling or partying even…if they are comprehensive- they will go get a home equity loan!! —they definately dont need someone marketing a reverse mortgage to them. the whole thought of it sickens me cause its purely based on taking advantage of someone.
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By: woody

woody — Thu, 26 Feb 2009 20:19:59 +0000

cold calling senior citizens to get them into a reverse mortgage will not save the mortgage industry. they are often incapable of understanding that they are being lured out of their single most valuable asset (home equity). you may not work for a scammer but many in this side of the mortgage business are.
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By: 10 Points -- Woo hoo!

10 Points -- Woo hoo! — Thu, 26 Feb 2009 20:17:59 +0000

If it was wrong it would be illegal

What you are doing is completely legit…and it gives the old folks some mad money…and helps some of them out financially to boot.
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By: ksiegel61

ksiegel61 — Thu, 26 Feb 2009 15:15:20 +0000

Is it wrong trying to get seniors in California to do reverse mortages?
Is it wrong to try and set appointments with seniors over the phone first, to see about them doing reverse mortgages on their homes to save California's mortgage industry? They are nice folks and I enjoy speaking with them and getting them interested… but in the end they get tons of cash and these folks are like 85 years old! So they are getting big cash things for $200K … It seems good, is it?