Runaway Rumors Wrong Reverse Mortgages
Perhaps you already know a good deal about reverse mortgages. You've watched the infomercials on television and you have probably even gotten something about them through mail.
That puts you in the minority. Most seniors have very little idea of what a reverse mortgage actually is.
There is way too much wrong information being spread around by ill-informed people. This is an undeniable truth, and whats more, this information is going unquestioned and decisions are being based on it.
This is a certifiable fact: Too many people speak without knowledge regarding the reverse mortgage. And moreover, too many people listen and take the face value of these uninformed individuals.
If a person had money questions or a financial dilemma, they would turn to their financial adviser or planner, who would then refer them to a certain reverse mortgage lender that they knew and could vouch for.
When the escrow closed, the statement would show a fee charged to the senior, sometimes up to ten thousand dollars, for the consultation of the estate planner.
At close of escrow, the closing statement showed a fee up to $10,000 going to the estate planning company as a consultation fee.
Thanks to current laws (such as those under the Real Estate Settlement Procedures Act) and senior advocacy groups, the kind of example above is no longer possible. Being taken advantage of is difficult with so many people on the lookout for you.
Don't get me wrong; a lender can still egg you on to choose a reverse mortgage, even when it may not be the wisest choice.
Does that mean a lender wont try to talk you into a reverse mortgage even though it may not be the best financial choice at the time? No.
This adviser will tell you the honest truth because there is nothing in it for them. They are there to guide, and if your outlook isn't the best based on what youve chosen to do, they will shout it from the rooftops.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
In closing, if you or someone you know is considering a reverse mortgage, do not take or offer advice on the subject until you've educated yourself to know the honest facts. From my experience the facts differ greatly from common folklore.
That puts you in the minority. Most seniors have very little idea of what a reverse mortgage actually is.
There is way too much wrong information being spread around by ill-informed people. This is an undeniable truth, and whats more, this information is going unquestioned and decisions are being based on it.
This is a certifiable fact: Too many people speak without knowledge regarding the reverse mortgage. And moreover, too many people listen and take the face value of these uninformed individuals.
If a person had money questions or a financial dilemma, they would turn to their financial adviser or planner, who would then refer them to a certain reverse mortgage lender that they knew and could vouch for.
When the escrow closed, the statement would show a fee charged to the senior, sometimes up to ten thousand dollars, for the consultation of the estate planner.
At close of escrow, the closing statement showed a fee up to $10,000 going to the estate planning company as a consultation fee.
Thanks to current laws (such as those under the Real Estate Settlement Procedures Act) and senior advocacy groups, the kind of example above is no longer possible. Being taken advantage of is difficult with so many people on the lookout for you.
Don't get me wrong; a lender can still egg you on to choose a reverse mortgage, even when it may not be the wisest choice.
Does that mean a lender wont try to talk you into a reverse mortgage even though it may not be the best financial choice at the time? No.
This adviser will tell you the honest truth because there is nothing in it for them. They are there to guide, and if your outlook isn't the best based on what youve chosen to do, they will shout it from the rooftops.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
In closing, if you or someone you know is considering a reverse mortgage, do not take or offer advice on the subject until you've educated yourself to know the honest facts. From my experience the facts differ greatly from common folklore.
About the Author:
Make sure you are informed properly. Set yourself and others straight with this California reverse mortgage report. For supplemental information and answers to the most profific California reverse mortgage questions had by clicking this link.
posted by Debt Consolidation Loan at
4:45 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home