NBR | Reverse Mortgage | PBS

PBS Airdate: September 22, 2010
Nightly Business Report profiles a homeowner who enjoyed the benefits of a reverse mortgage, but unknowingly put his mortgage in jeopardy. Know your HECM responsibilities.
For more information visit:
http://www.pbs.org/nbr/site/features/special/subdir/money_profiles_6_reverse_...

Category:

News & Politics

Tags:

• Reverse Equity Mortgage
• Negative Amortization
• Reverse Mortgage
• Exotic Mortgage
• N/A Loan
• Foreclosure
• HECM
• Loan Equity
• Interest Rates
• Payment Option
• Housing Crisis
• Personal Finance
• Video
• Nightly Business Report
• Money Profiles

[revmortcompared]

It's great that the PBS does this type of informative journalism. Hats off to ya!

[dcraig2204]

@anmoose a reverse mortgage represents the fact you have been irresponsable with money. I came at my first comment like a 13 yr old, but the point of the matter is. if you were responsible with money you wouldnt need a reverse mortgage. That is what I was trying to get across.

[anmoose]

@dcraig2204,

You clearly don't have your facts together. Old people with a paid for house *don't need* reverse mortgages. They don't have mortgages! Of course it's usually seniors who get them, because they're *intended* for seniors, and yes, there are frauds, as there are with most anything involving finance these days, and seniors tend to be easy targets. Common sense and caution are a must.

I don't have children and I don't give a crap about an inheritence. I plan to spend it all.

[dcraig2204]

@anmoose They stink. They are horrible. First off, it gets old people with a paid-for house to go back into debt. They have ridiculous interest rates and fees. Compounding all of that, since it’s the elderly that usually get these, there are huge incidents of fraud around this. The Federal Trade Commission lists it as one of the top kinds of fraud going on right now. Even taking a legitimate one out eats up the inheritance that you should leave to your children.

[anmoose]

@dcraig2204,

Perhaps many of us approaching our "senior years" are rather attached to our homes. Personally, I have no use for a gd condo, or an rv, or a stupid houseboat. I have a home, I've had it for 20 years, I've planted roots, and I have every intention of staying right here, because I LIKE it here. And I AM retired in style, thankyouverymuch. A reverse mortgage is a very viable option to seniors, as you may very well discover the hard way in some future year.

[dcraig2204]

if any 1 wanta a reverse mortage needs to pull thier heads out of there asses and realize why waste equity on a. reverse mortgage. sell the fuking place buy a gd condo or an rv or my fav house boat. retire in style not in shame..

[tpup29]

PBS kids

[strokex1]

reverse loans are a terrible thing. When your elderly its like playing russian runlet. It unfortunete that the elderly are at high risk of losing everything they worked and earned. They need better protection in llaw with out a doubt in Canada and USA.