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REVERSE MORTGAGE: The Creative Way To Disenfranchise Our Children
This is Part 2 of a series.As previously stated the reverse mortgage is a unique product being sold around the country to retired people or nearly retired people, age 62 or older to help provide comfort to them in their old age. Reverse mortgages help supply money for necessary comforts such as food, adequately heated or cooled shelter and clothing.
We believe the reverse mortgage is just another creative scam by the master scammers in the financial industry. Does the term equity loan for a house you just purchased last week in which you have no equity, but you can receive a loan of 125 per cent equity sound familiar? Are you familiar with the term “dodgy debts”? See “It’s the Economy Stupid: Sub-prime for Dummies“Â
A reverse mortgage is money loaned against your home that you do not have to pay back as long as you live in your home. When you move away the loan must be repaid. When you die your heirs are responsible for paying off the loan.
All the years mother and dad saved and sacrificed to have the American dream to leave as a legacy for their progeny will now go back to those greedy mortgage bankers. There will be no legacy for the children of Mr. and Mrs. John Q. Public.
It is for this reason those who sell this scheme suggest anyone contemplating application for a reverse mortgage consult with family members. It’s only fair the people who will be paying in the end, and we really mean “paying in the end”, be party to the decision making process.
Our society has finally hit the skids. With the advent of this new mortgage product we exemplify how little regardwe have for the previous generation. This behavior is indicative of the lack of respect for those who have worked to be independent just to get a little piece of the American dream only to have it stolen away by big business.
Just when we thought the lack of affordable healthcare for seniors combined with
medical incompetence for that same demographic was enough to make an old person cry, the mortgage industry comes to the rescue with this amazing new kind of mortgage product.
As we suck our teeth and roll our eyes, we guess villainous old habits die hard.
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