by Reagan. That immediatly made me suspect it wasn't a good deal for the middle class.

And I notice more recent ads have stopped mentioning his name.

We have several couples in our Village whom bought into this scam only to be facing loss of their homes. There is no free lunch. These folks just assumed they would not have to pay any of the expenses like Taxes and Insurance. And the take out,is not worth the grief.

One of my friends got it into her head this would be a great deal for her parents. I, and another friend, got worried when the friend pushing it clearly had not dug into it. So, we got hold of one of the siblings we knew would do her homework and she put a stop to it. (God bless my pal, she'd do anything for you, but we knew if we told her this was a bad idea she'd push it harder, but we knew her sister would be listened to.)

from whom ever the Reverse Mortgage Company is,that does not mean all other expenses automatically cease. Couple of the mentioned couples thought they could pass their Homes onto their Children and set up their Wills accordingly. Well that no can do. Unless you repay all of what one has received plus interest and fees. Sad part is,the Transfer of Title is only in one of the Couples name and if he passes. Well she is out on the street. If she had been a signee on the Title at transfer,she would be allowed to stay and receive her same monthly stipend.


Believe Minnesota Real Estate Law has some type of Homestead Covenant that forbids this type of Foreclosure Actions to take place if the Property is covered under the State Homestead Rules. When the couple first purchased the property.

the creeps who prey on people and steal their homes should be in prison.

was going on and the Media said nothing. It might upset the Ad Department. Now with Mnuchin,he has rolled back the Consumer Protection Rules. We have not seen the real ugly to come.

There was one of these so called information Meetings at our Club House Last Fall. Understand several people signed up for these Rip Offs believing the B.S. and some have already are having issues do to what I mentioned before.

Sorry to say,these are mostly retired Military and not going to say who or what their politics are but your guess should be easy.

Folks do not understand that they can not just sell their homes or cash out and move or go live with the Kids. Course,that is what ultimately Happens anyway or become homeless.

Sad that it is perfectly legal to Market these as a Investment type of tool.

If the mortgage company sold them the house insurance, as they usually do, the premiums are very high.
So the owners thought a new loan/reverse mortgage would include everything that went into escrow for the original loan?

we ended up with our payments going to Ditech, which used to be a sleazy collection company, and jumped into the mortgage serving biz after the 2008 crash.
Ditech hated that our mortgage allows us to pay our own insurance ( we don't have to pay any property taxes) because they make a fortune on their escrow income.

Ditech is now in bankruptcy process for various crimes and misdemeanors that have caught up with them.

I shan't miss those breathless monthly offers for a reverse mortgage.

I fear the effects of trump will last much longer

a bit creepy, then Reagan. Bad deal.

So many of us believe we could never be scammed, but it's easy. It's happened to me (on a small scale) luckily, something I could recover from in a couple of years, but it taught me. Still, sometimes things sound so good and all that print is so fine... watch out y'all. America's a cruel place, not much room for error.

It was really sad. She kept saying: "I just lived too long."

People who prey on seniors need to be imprisoned for a long time.

“I trust ____, I think you can too”? Famous last words, rubes.

Kudos to USA Today and reporters Nick Penzenstadler and Jeff Kelly Lowenstein.

Tom Selleck as the pitchman for this product made me immediately suspicious.

He was a Tuskegee airman who lost his house at age 97 because he outlived the reverse mortgage, he died a 4 months later after they foreclosed on his house he owned for 40 years,

Every time I see those Tom Selleck commercials I curse him for scamming elderly people.

Sort of like the
Balloon payments on certain mortgage loans

Anything that sounds too good to be true

IT IS

She got scammed by "You have won a million dollars, we just need you to send us some money first, then we can send you your millions!"

She reversed mortgaged her home. She sent them the money she received.

She told a church friend who called Adult services and they carted my neighbor away to a nursing home. I had no idea this was going on or I would have intervened.

She got scammed twice.

I am not understanding how people like Mr. Roebuck received $100K and thought they would still own their homes free and clear afterwards? Did they think it was just free money ?

"Leroy Roebuck’s home was appraised at $112,000 in 2008. That allowed him to take out up to $83,000 in equity. By the time he was solicited for a second reverse mortgage, an appraiser said it was worth $241,000, allowing him up to $163,000 more. He borrowed $102,000 in all."

such foolish decisions. That does not, of course, justify predatory loan practices.