Lou from Wi.

Well-known Member
First of all let it be known that I have little patience for those who propose to be intelligent and do gooders for humanity. Television is wearing mighty thin with commercials that shows folks smiling in wonder that products and help full information really works wonders . Reverse mortgage is one that really galls me. I guess it is successful or the networks and sponsors wouldn't keep it running every 25 min. It surely doesn't take a genius to figure that at age 62 or older, a life span is greatly diminished for most seniors . Having one take out the reverse Mortgage at that age is not a gamble, but a sure thing for the lending institutions to grab onto your property quickly. Say for instance , one has a house worth $200,000, then the reverse grants the home owner say $60,000 made in monthly payments (only) $800.00 a month, but the owner gets approved and the first check arrives, and then he/she drops dead. Guess who profits?It's all a dog and pony show when the actors appear on the commercial saying what a great deal it is to have money for things like vacations ect and no repayment required. What it fails to show is upkeep, taxes,and if your house is totaled by fire,tornadoes or acts of god, you have to repay what was extended to the home owner. How in the h--l can those actors look another human in the eye and lie so convincingly. Sure you get a C.d and information packet to help you decide, to have them get your property for next to nothing in the end. That phony lenders knows your at deaths door any minute and one foot on a banana peel down hill with a strong tail wind.Again if your poor or reached a financial crisis, your willing to sign over everything so you will have a place to live(for how long is any ones guess)if all goes well with health issues ect.
I really have a GIANT DISLIKE for that commercial. I'm so glad My son owns our home.
Done with the rant.
Disgusted. LOU
 
took a r/m when I was 62 am fast approaching 82 glad I did was able to do so much more in the last 20 yrs kind of out lasted my money and glad 4 R/M cc
 
Actually sometimes it works out against the bank like it did with my neighbors. They got a reverse mortgage just before the real estate bubble burst. $300k for a house that is now worth less than half that. They lived long enough to run the entire amount out (high monthly payments?). Now the bank owns a house that cost them twice what it is worth and can't do anything with it. It went to auction and didn't sell. They aren't paying the taxes on it and can't figure out how to recoup the massive loss.
 
I'm no fan of reverse mortgages, but they are selling a service for which there is a ready market. Certainly if you plan for retirement you should never need to take out a reverse mortgage, but there are plenty of people who due to poor planning or circumstances beyond their control find themselves with no cash, no income yet significant assets in their home. They may have no living heirs to support them or to inherit their home. Why shouldn't they cash in their house rather than survive on cat food?

I haven't seen the ad you describe. I'd have to watch TV, and I seldom do. Obviously there are plenty of crooks in the mortgage industry, and the reverse mortgage business is no exception.
 
No reverse mortgages are not a good thing for the homeowner. But on the other hand neither is allowing someone else (like your kids) to own your home. Just this week my wife had a wake-up call from a very good friend--they had signed their home over to one of their sons and he had sold it while they were on vacation in Florida. She and her husband now had no place to live, except the motor home. I responded "that's why we're looking at a trust". Not 100% sure that the right thing to do right now but it is where we are looking.
We've managed to build a pretty good retirement account, given these bankrupting government elements stay in buisness, so that's not the concern. It's trying to pass what we've worked so hard to build to the next generation rather then the banks, the medical industry or the government in the form of fees or estate taxes.
 
The fonze didn't plan for his retirement, very well. So he cuts a commercial or 2. I can always change the channel!
 
I love targeted marketing. I realized at a very young age with bad ear problems (many days home from school in pain) that commercials target the people that are watching the program.

Watch MTV for 24 hours, and tell me if you see a single commercial for denture adhesive. Now, watch "The Price Is Right" on a weekday and count how many ads for adult dipers, home pharmaceutical companies, diabetes testing supplies, and reverse mortgages you see.

Watch Sprout or any of the other young children's channels and all you see are ads for gerber baby food and pampers.

Maybe if you start watching MTV, or Sprout, you won't see those commercials anymore!

HAHAHA I'm kidding of course. I have started to poke fun at the bad actor(divane I think) on the Rosalind capitol commercials. He went from flying a plane, to riding a horse, and now I think he is leaning on a fence. They must have spent hundreds and hundreds of dollars just paying someone to think of all the places they could put him to give the same stupid speech.

The commercials that really really bother me are the ones that are for E.D. or a certain product that they claim "blows your hair back." Anyone with young children, or just respectable adults do not need to be bombarded with endless commercials like that. It's a product we all know exists, but I don't think advertising it is necessary.

Predators... That's what some of these companies are. It's almost as bad as the way John Deere floods the market with all types of advertising and marketing to children who can't use a toilet, let alone drive farm machinery! They do so much advertising to disguise the fact that almost everything they make is junk! :wink: :wink: :lol:
 
As an attorney who practices some in estate planning and settlement, I also get a kick out of the reverse mortgage advertisements. Of course, thay arent pitched for the simple product they are, the customer is taking out a loan paid to them in monthly installments secured by mortgaging their home, which in most cases, they worked all their life to just finally get paid off. In my opinion, when people are at or beyond retirement age that is NOT the time to be taking on debt. Of course, tragedies or financial hardship would be an exception, for example if my family actually needed help and I had to give up all I owned thats prefectly understandable SO THERE ARE CASES WHERE A MORTGAGE MIGHT BE IN ORDER. But it DOES NOT have to come from a TV pitched Reverse Mortgage provider!!!!!! Sorry Fred Thompson and the Fonz lol

Another thing that raises my eyebrow is when "salesmen" come into town and offer a free lunch at the Holiday Inn to provide free information regarding establishment and all the wonderful benefits of a Living Trust to "avoid costly probate" and if one is sold they receive a nice "free" leather binder. I tell my clients If they want a trust I will prepare one for them at a much lower cost BUT THEY DONT GET THE FREE LUNCH AND LEATHER BINDER LOL

I have prepered estate plans AND NO TWO HAVE BEEN THE SAME. Whats perfect for Billy Bob may be JUST THE OPPOSITE for Bubba. There are other methods to avoid probate other then the trust route, and all in all "probate" is not all that expensive or cumbersome (and in many cases NONE is even needed at all) if the client has done as I advise them. LIKEWISE there are cases where a trust is justified IT DEPENDS ON THE CIRCUMSTANCES, no two are alike, and again whats perfect for one client isnt so for another. But if a person wants one cuz their brother in law said so or someone here tells them to, THATS THEOR OWN BUSINESS AND FREE CHOICE there are plenty of providers out there glad to be of "service" (But Id demand that free lunch and leather binder lol)

Sooooooooo when it comes ro reverse mortgage and etstates my advice is to seel local trained competent professional advice NOT DO WHAT THE UNTRAINED BUT KNOW IT ALL BILLY BOBS OF THE WORLD MIGHT SUGGEST ...........

Nuff said, if a person wants a Reverse Mortgage thats their business and their choice and NOT for anyone else to decide or judge as far as Im concerned.....

John T
 
I'll tell you what galls me:
Some people sit there like they are rooted on the couch and then complain about the programming or the commercials they see on TV.

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John T.:
I respect the free legal advise that you occasionaly give here, I really do. You seem to be one of the few in the legal profession that are honorable.
However, several years ago I consulted with a new lawyer in town to draw up a will, living will and trust. He put an even younger legal aide on the task whose only talent it seems was to expose 75% of her brests. She required $300 up front, but promised to have the document completed by a certain date. I returned on date specified, and she had made no progress. (I should have requested my funds returned). She again promised another suspence date. I returned again and she had a semblence of a document. However, with just a very quick proofreading, I found glaring errors such as spelling, punctuation, and she even got my wife's name wrong.Had my wife not been with me to keep me civil, I would have demanded my $300+. But after the 4th visit, she produced an adaquate document. I know now that I should have used an internet program.
 
A reverse mortgage can be a good thing for the right person under the right conditions. I was a local watering hole a few weeks ago chatting with the lady bartender I know. She had been helping out getting an elderly lady neighbor situated a nursing home. The lady lived in a small old house with a leaky roof and had a reverse mortgage. The last few years lady had cats and had not taken very good care of the house because of her health issues. The lady bartender had picked through the house to get cloths for the elderly lady in the nursing home and found herself obliged to launder the clean cloths before delivering them to the nursing home. She estimates that by the time the bank gets done paying the cost of cleaning up and fixing up the house they will be losing about $30,000. I think this is a case where reverse mortgage work very well.
 
(quoted from post at 13:02:56 07/25/13) Fred Thompson, former senator from Tennessee, what's his excuse? Pure greed?

Same as the Fonz. Fred Thompson probably does commercials to make some extra $$$$$ and to add to his personal retirement funds. He also has some kids he probably has to help put through college in a decade or so. His political career is likely over, the acting roles have become fewer and farther between, the residuals/royalties for his previous work are probably drying up, and his attempt to become president didn't work out so well.

Remember Richard Karn, ex-Family Feud host and Tim Allen's sidekick on Home Improvement? Nope? Don't feel bad, most people don't. He's pitching informercial products now.

Alex Trebek probably didn't want to put his future in "Jeopardy", so he's been doing commercials for life insurance for some time now.

AG
 
Evidently, laws are quite different for different states. My grandparents divided their farm and each offspring got a specific plot. They had it written in the deed that they retained full use of the land and buildings for their lifetime.
Also, helps that you know what your children are capable of. So they won't sell you out. Tells you how much the son cared, huh?
 
If you don't like it, turn it off. Nobody is forcing you to watch it. Most TV's with a remote have a thing called a mute button. It's a magic button that lets you listen to the programming you're interested in, and block out the rest. USE IT!
 
Reverse mortgages do have their place, as others have noted. Best example is the widow who has no one to leave her home to (or at least no one she WANTS to leave it to), and is trying to get by on $500 a month social security. The extra income is very welcome, and what was she going to do with the house, anyhow? And even if she has heirs, is she supposed to live like a pauper for 20 years to "preserve" the asset for them? I like the bumper sticker you see on big motor homes- "We're spending our children's inheritance".

Think of it as selling your home to the bank on an installment contract, and retaining a life estate.

BTW, I echo fellow counselor John T.'s dislike of Living Trust hawkers- they're the REAL charlatans in all this stuff. Do you really need a $3,500 free binder and lunch, to avoid a $2,000 probate?
 
Thanks, yep there are plenty of BAD APPLES in the business. Fortunately, I first had a "real life" as an Electrical Engineer, Farmer and small business owner before I got into this semi retirement lawman gig, so I'm not forced to do it for a living....I do a fair amount of small estate work (the 7 or so months were home) because the high dollar big shot firms in town dont want to do a lot of paper work for whats chicken feed and petty cash money for them, but a good honest wage for me.

When people ask me about do it yourself forms I tell them theres a good chance they will be correct but its their money and their risk.

A client once came to me with a whole ton of forms and a mess and hodgepodge he got from the Courthouse to settle his moms estate and asked what I would charge to help him fill them out, hoping to save some money. I took a look at all the mess and the wrong forms he had attempted to fill out and the pile of "crap" and told him Id charge $3,000 to help him with the mess he started or $2,000 if he threw it all way and just let me do it right lol........

John T
 
It's not a scam, it's a gamble. And like any gamble, you need to be in a position where you can afford to lose. If no one has a vested interest in your property (like heirs), so what if the bank gets it early. Like Mr. Seinfeld said 'I don't care, I'll be dead'.
 
Farmer boy. Just did it to your reply. turned it off. why? Because it had no Merritt. Opinions on the subject mater is welcomed ,like the rest of the posters. When your 79 years old and health is rapidly failing ,most time spent in front of the T.V is for what ever is called news. Not R .M.every 9 minutes. Reliable news isn't available like it was years ago. Now the networks look for sensational items to bleed the viewers out of money via infomercials . BUT WAIT,we interrupt the broadcast to bring you this important message(every 15 minutes). I can see the value of R.M to some, but NOT EVERYONE!!! I do mute the T.V but looking away for 3 minutes gets aggravating. Hawkers of items ,over and over again gets more then annoying when its jammed in ones face (muted or not)continuously. I've read all the replays and the opinions expressed (with one exception) is admirable and valued.
JMHO. LOU
 
Yep. Bury ones head in the sand makes it O.K. Never need to know thats going on in this country. sure as he-- it's turned into a DOG AND PONY SHOW.but I do need to know whats being done to our CONSTITUTION. Just maybe I can be of service to protect it. Otherwise I can bury my head in the sand and un-plug the T.V. Yea right.
I considered my stay in the military a payment for protecting this Great Nation and the Constitution. Never went overseas like most others did, but was available if needed. LOU.
 
Thanks .I see your point but still. infomercial on R.M is constantly thrown into programing to get every cent out of folks. Some need financial help and in this day and age, it's boiling down to need.Greed is overtaking common sense.again JMHO LOU
 
If 75% exposure cost $300 "up front" as you stated it, what does the other 25% cost ? I am sure John and Mike are excellent lawyers, but if I have to sit and discuss legal matters reguardng what happens after I am dead I want the young legal aid with the plunging neckline sitting across the table. I mean no disrespect to John and Mike. I think they will understand.
 
Not trying to get your goat here Lou.
I've been without a TV for most of my adult life.
Yet I stay informed about the news in the world far better than anyone I know - especially those who own TVs. Too easy to get distracted by Sports, dramas and other mindless "entertainment".
Then there's that other pathetic thing they call TV news which is mostly focused on keeping people uninformed. If you rely on ABC, CBS, Fox, CNN, et al for your news you are basically a low information voter.
In the past I always read a couple 2-3 newspapers a day where you can get a sense of what is going on around you. Nightly news gives you a little cotton candy but no meat or potatos.
Now days with the internet I can scan a dozen or more news papers from around the world and can dig deeper into issues that the nightly news can't even give 15 seconds to.
And I've read a lot of great books in my life because I wasn't glued to the TV.
History, classic literature, religion, philosophy, etc - all of which help a mind synthesize the flow of information it's bombarded with - without those pesky infomercials.
Look at the evidence here at YT how people can not have a rational conversation or debate without getting hot under the collar. TV watchers are totally unprepared to defend their opinions because they aren't trained to formulate their own opinions. They get them handed to them by the big news orginizations.
TV is the worst thing to ever happen to the collective intelligence of this nation.
Granted, I'm only 60 so still have time to buy a TV and get dumbed down like the rest of the country but I don't see that happening.
As for being in the military giving us some kind of rights; all I can say is be careful saying that as there are a heck of a lot of veterans on this board.
Being a vet sure doesn't entitle them to complain about the programming on TV when they can so easily shut the blasted thing off.

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Geeeeeeeeee, you would rather look at her then Mike or myself LOL LOL hey I WONT HOLD THAT AGAINST YOU ONE BIT......... Speakin ONLY for myself now, NOT Co Counsel Mike......

"Lifes not really all that short, its just that youre dead for such a long time"

John T
 
For some older folks I can see a reverse mortgage being a good thing, especially if they REALLY need the money because they are fricken broke.
But....like all things, read the fine print before you sign.
 
Allen. Your so right. Hard to convince through logic, the scams that are perpetrated ( gold & silver coins) is a prime example of greed. When the time comes to sellem off. Guess what? yep worthless as to what they invested in em. Thanks for the reply. Your right on. Regards LOU.
 
It's a desperate grab for any worthwhile news information. I'll concur with your assessment of all the networks. However being almost out of eyesight, there is no radio worth listening to that is news worthy.It is getting real difficult to maintain reading the computer unless my son magnifies the print or is kind enough to read and type for me. Old age is deafening too. I'm not exploiting my military stint nor do I mean to offend those who served, only to clarify my service. Growing up in this country gave me the reason to serve and to protect the constitution as best i could. No apology necessary/. Now for complaining about the television networks selling air time for sponsorships to their product lines, I have a right to complain if the infomercial becomes overbearing.Part of free speech. I can stand on a soapbox and complain about the lack of honesty, broken promises, false information lies and cover ups all day long. again Free speech . No one has the right to shut me up if they disagree on what I complain about. I would welcome a good news outlet to hear but I would be doubtful about which way they are leaning to promote any agenda.News papers are noted for just that scenario. No news is trustworthy in todays market. Selling advertisement is the name of the game. would be great if just one newspaper could be rely ed on for the truth ,however they are as guilty as network television. sorry to burst your bubble but I respect your right to comment after all thats was my intent. LOU
 
I've looked over a couple of reverse mortgage deals for a neighbor, he is going to sell his place as a life estate instead. At least Karn is selling things that are cheap. Thompson and the Fonz are multi millionares, they are selling a pretty toxic product.
 

also most news on the tube has become drama queen territory.


It is all pretty much like the National enquirer started out as years ago.
 
One of the cable channels has old Gunsmoke shows which I like if there's nothing better to do. But they have so many commercials that the shows don't even start or end at the hour or half hour.

I'm with you about reverse mortgages. The closing line is "you continue to retain complete ownership of your home". what a bald face lie! If you have "complete ownership of your home" why couldn't you sell it again? They try to make all the commercials sound like they're looking out for you when it couldn't be farther from the truth, as I see it.
 
Lou You forgot to mention that they tell you GOVERMENT APPROVED " They make me sick they way they pitch the thing.
 

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