• The_Critic

    I just love this quote: “Others now risk losing their homes after aggressive mortgage brokers failed to disclose the terms of the loans.” While the quote is in part true, it is ludicrous.

    This is the same AARP which trained counselors, is it not? Do they still understand counseling is required on all HECMs? Half of the time AARP appears very knowledgeable about HECMs then there are articles like this.

    Then there is this choice quote: “Many seniors are suffering financially because the economy tanked. They have no chance of finding a job, they haven’t saved enough for retirement and they’re living longer,” says Gladys Gerson, a supervising attorney at Coast to Coast Legal Aid of South Florida, which provides legal assistance to people age 60 and older. “They’re hit with unplanned expenses or their medical bills skyrocket, so they take out a reverse mortgage and live on the proceeds. That’s where they get into trouble.”

    So what is Gladys suggest seniors do? Does she think they should go back to work or what? It is always great to have people who know the problems and agree they need to be fixed but provide no solutions and say: “What you did is what got you into trouble.” Truly pearls of wisdom (LOL).

  • michaelbanner

    Cynic,

    You chose the exact correct word to describe this article; LUDICROUS!

    The quotes aren’t even worth the time it takes to copy and paste into my reply.

    But the reverse mortgage industry should not fear AARP or even worry about its opinion. As soon as AARP figures out how to make money offering reverse mortgages to their massive membership believe me, they will be our best friend…

    Enough said!

  • http://www.facebook.com/RodKohly Juan Luis Rodriguez-Kohly

    The Critic is ABSOLUTELY right. I have a Reverse mortgage, I am a LoanOriginator offering Reverse Mortgages that have helped many, many Seniors. If they got in trouble, it was not for doing the Reverse. Taxes have to be paid or the County “takes” your home. It is very sad to see a Professional who knows how mortgages work stating such irresponsible opinions. If the Senior borrowed money from another type of mortgage the problem would be worse, if they could not make monthly payments. I know, I almost lost mine before doing the Reverse. What alternative Solutions does Ms. Gladys offer? That would be nice instead of bad, untrue criticism

  • Rick Rodriguez

    Very well put The_Critic.

  • rong256@gmail.com

    Holy Cow…“Many seniors are suffering financially because the economy tanked. They have no chance of finding a job, they haven’t saved enough for retirement and they’re living longer,” says Gladys Gerson, a supervising attorney at Coast to Coast Legal Aid of South Florida, in the Bulletin. “They’re hit with unplanned expenses or their medical bills skyrocket, so they take out a reverse mortgage and live on the proceeds. That’s where they get into trouble.”

    Is he joking, they are not in trouble before the reverse mortgage, They live on the proceeds, and then are in trouble, this is the black is white argument…idiots

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