Odysseus
Legend
Trump = Disaster
Posts: 41,101
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Post by Odysseus on Jul 14, 2020 1:54:24 GMT
After watching umpteen AAG commercials, I'm wondering:
Has Tom Selleck ever taken out a reverse mortgage?
I sincerely doubt it.
And then I wonder how much he's getting paid for these misleading commercials.
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robth
Participant
Posts: 131
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Post by robth on Jul 15, 2020 0:03:29 GMT
After watching umpteen AAG commercials, I'm wondering:
Has Tom Selleck ever taken out a reverse mortgage?
I sincerely doubt it.
And then I wonder how much he's getting paid for these misleading commercials.
More than I make in a year, probably. Anyway...why do you say they're misleading? |
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bama beau
Legend
Fish will piss anywhere. They just live in water.
Posts: 11,579
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Post by bama beau on Jul 15, 2020 0:12:08 GMT
After watching umpteen AAG commercials, I'm wondering:
Has Tom Selleck ever taken out a reverse mortgage?
I sincerely doubt it.
And then I wonder how much he's getting paid for these misleading commercials.
More than I make in a year, probably. Anyway...why do you say they're misleading? IIRC, AAG paid record fines for misleading reverse lending commercials and associated unwarranted foreclosures. |
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Post by Mercy for All on Jul 15, 2020 0:33:12 GMT
IIRC, AAG paid record fines for misleading reverse lending commercials and associated unwarranted foreclosures. Interesting. I don't think they're bad in principle, but I can see how it could be made into a misleading offer. |
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Odysseus
Legend
Trump = Disaster
Posts: 41,101
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Post by Odysseus on Jul 15, 2020 1:10:34 GMT
After watching umpteen AAG commercials, I'm wondering:
Has Tom Selleck ever taken out a reverse mortgage?
I sincerely doubt it.
And then I wonder how much he's getting paid for these misleading commercials.
More than I make in a year, probably. Anyway...why do you say they're misleading? Misleading for what they don't say.
Such as, what are the interest rates? They gloss over this, saying you don't have to pay off the loan until you leave your home. But I'd want to know how much interest is tacked onto the that payment. I tried googling for that, and came empty. As in, caveat emptor.
What happens when you no longer have the health to live in your own home? Once you move out, your reverse mortgage comes due. Will there be any money left over to pay it off? Enough to cover your new housing/care costs?
Here's a good article on the downsides:
Remember: the reverse mortgage company is in this to make a profit - off your home. There are reasonable alternatives, such as selling one's home and downsizing, and perhaps getting more $$$ out of it than from a reverse mortgage. Then if one has any heirs, they can wind up with nothing. And anyone living in your home could be made homeless when you move out.
Other information:
Now Tom Selleck is a handsome and smooth talking actor. I can see a lot of seniors trusting his spiel, but that's all it is, a spiel. He makes it seem so simple and good. I doubt it. Like I say, someone is making a bundle off this product and it's probably not the senior homeowner.
There are alternatives as mentioned in the links above. Such as selling the home and downsizing to a smaller property with no mortgage and money in the bank. Or selling the home and moving into a rental unit. Both of which may leave one with more $$$ to cover life's contingencies (ever priced out a nursing home?).
Caveat lendee.
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