As reverse mortgages end, heirs are left with heartache

[ADevilYouKhow]

As reverse mortgages end, heirs are left with heartache

Evil

 

[Hawaiian Punch]

Damn that’s a crazy story. Nothing is ever what it seems, especially when it comes to banks and money.

 

[OfTheCross]

Oftentimes old ppl take on those mortgages for the income.

Heirs should help their parent pay the bills when they're old and need it.

Or.

Save the cash and keep your credit clean you buy back your mom's house.

Most people only ever end up selling their parents crib anyway. Ungrateful b*stards

 

[Secure Da Bag]

If it's too good to be true, it probably is.

 

[dora_da_destroyer]

Oftentimes old ppl take on those mortgages for the income.

Heirs should help their parent pay the bills when they're old and need it.

Or.

Save the cash and keep your credit clean you buy back your mom's house.

Most people only ever end up selling their parents crib anyway. Ungrateful b*stards

This is assuming they’re in position to. Reverse mortgages and crazy property taxes are a big part of the reason black people weren’t able to hang onto their parent’s/grandparent’s houses here in Cali. In the 90’s, grandma would pass, but between the taxes and of course so many people working lowly jobs in our community, they couldn’t afford the home. Your grandma bought it for $10,000 in 1940, had to reverse it because $1800/month in SSI wasn’t shyt, and now you have to be prepared to assume a $450k mortage and pay taxes on a home worth $600k, shyt is rigged

 

[BigMoneyGrip]

Sign over the deed to your house with an outstanding mortgage so you can stop making payments and the moment you die your next of kin is left with the bag to pay that reverse mortgage back brehs

 

[GnauzBookOfRhymes]

Man, the industry is non stop. I remember when these commercials started coming on in the 2000s. They had Fred Thompson as their spokesperson. One scam after another. They're going to crack down on this and something else will come up.

 

[FAH1223]

Man, the industry is non stop. I remember when these commercials started coming on in the 2000s. They had Fred Thompson as their spokesperson. One scam after another. They're going to crack down on this and something else will come up.

I remember when I was 17 in 2007 and when I'd be driving around listening to Sportstalk radio, reverse mortgage commercials would be on non-stop.

My dad was doing real estate at that time before and after the crash and schooled me in on it. Scams indeed.

 

[Strapped]

Like a payday loan , the government needs to get rid of these companies

 

[OfTheCross]

This is assuming they’re in position to. Reverse mortgages and crazy property taxes are a big part of the reason black people weren’t able to hang onto their parent’s/grandparent’s houses here in Cali. In the 90’s, grandma would pass, but between the taxes and of course so many people working lowly jobs in our community, they couldn’t afford the home. Your grandma bought it for $10,000 in 1940, had to reverse it because $1800/month in SSI wasn’t shyt, and now you have to be prepared to assume a $450k mortage and pay taxes on a home worth $600k, shyt is rigged

I feel you. But while the OG was living, the reverse mortgage income helped more than the lowly family could.

She needed that cash regardless

 

[get these nets]

Exploitation. They are also targeting people who own homes in recently gentrified areas. They can no longer afford to pay the taxes.

 

[DEAD7]