Now I have provided a link also within the words so you can directly reference the whole meaning. Now some genius have, in my opinion figured out a way to end up with what you have. Reverse Mortgage brokers have focused on the elderly. Why? Because usually the elderly are mainly the people that have Equity in their home. An even simpler way to say it, is that elderly people own less than their home is worth. Anytime someone says the following, beware: "let your money work for you", "cash out your equity", "let your house pay you back", "turn your home equity into cash", "take that vacation you've always wanted or buy (fill in the blank) you are entitled to". The presentation is excellent at the worse and while it all sounds good, take a second look, basically get past the layer of manure they are spreading out. You are cashing out your "Net Worth", now there is a term you don't see much anymore. Take a sheet of paper, write down all you own (assets) and then write down all you owe, subtract what you have (remember to depreciate certain items) then the total is the sum of what you own minus what you owe. Now you have your Net Worth. Remember that your assets are not what you think, but rather what someone is actually willing to give. The higher your NET WORTH the more stable your financial portfolio status is. Yes, it is that simple.
At one time, people wanted to have something to pass along to their kids and grandkids. Now in these well presented flyers, they say you can still leave your property to your heirs, and while that may be true, will they be able to afford to inherit it? Theses predators are even endorsed by the FHA! It's not that they really want to help you, it's that you've either kept you property long enough to almost be out of debt, and your NET WORTH is too high for them. If the government really wanted to help, they would be working on medicine prices and medical bills. Ask yourself, why would a corporation would want to help me? One answer should be so simple that it bursts in the air all around your head, they don't. They are simply helping themselves to your property. There is another way to look at it, you are renting from the mortgage company. Now if you rent most places the Landlord must maintain the property, pay the taxes, and keep insurance on it. If you live longer than your payments what happens then? Think of this as "The Twilight Zone". You are the renter, not the owner or landlord, yet you have the responsibilities of the landlord. You are doing this task for free, except ... if the train goes off the tracks, you don't get to blow the horn. You are, in effect, the renter, plus part landlord (not complete), and the manager ... and your are paying to do it, not getting paid. Can you say deeper in debt.
Now for the people that have nobody to pass their property along to this may be alright. That is, provided that you do not live longer than your property's equity. (the worth of your property). To the person who does have loved ones, it's not. The person that uses the excuse of saying they don't want anybody to fight over their property is just simply looking for an excuse, or perhaps they don't want anybody to get what they have, except the bank. This is about as big of a load of hogwash as I have ever heard. Yes, they know that ignorant statement will work on you, and should you fall for it ...well, just think about that. What they do not say is that it is a copout, and like it or not, it is, unless it's an excuse. My definition of Excuse is : When there is not reasonable reason for an action, one invents an excuse in an attempt to show why it was/wasn't done. It is a little scary to think that people love their bank (not banker, actual organization), more than their own flesh and blood. The Will should always take care of who gets what. You are making a decision like it or not when you do this, your willing it to the bank and while some may argue that beats a nursing home, does it really? At least in a nursing home, they provide care. You are getting services and goods for your goods, more than you are getting with these evil loans. Now, in light of that statement let me say, I am not advocating nursing homes.
We had a lady a while back that said she would look into it and see what the AARP says. She claimed that the AARP endorsed it. Hello! It's called advertising, and nobody bites the hand that feeds them. Any group that allows advertising is prone and subject to a bias opinion. Now, at this point, I must say: Think for yourself." That box that most people turn on, that newspaper that many open up, think for yourself. If by chance, it gives you the opinion as well as the story, stop reading or watching it! TV's are meant for Amusement, there are whole parks, movies, and more based on Amusement, but what is the meaning of Amusement. Here it is in long form. To MUSE is to THINK. When we add "A" in front of any word, it becomes the opposite meaning of the word. Example: A theist is someone who believes in God, placing "A" in front becomes Atheist, which means ones who does not believe in God. Now, with that in mind, to MUSE is to think, to AMUSE is not to think. Television was and is designed to AMUSE people.
Just last night (this has been updated today from months ago), the television has announced a class action lawsuit against some companies writing these loans, of course they did leave out some of the facts of the endorsers of this thief that I have above mentioned. That, for just my 2 cents, still endorses what I call, an Amusement box. How many people have lost their property since I first wrote this?
Just My 2 cents,
Anthony