ABC News: 7 Tips On Reverse Mortgages

From examining upfront costs and fees to including family members in the reverse mortgage process, ABC News this week compiled a list of seven tips for readers who are considering a reverse mortgage. Citing recent research from the Consumer Financial Protection Bureau, the article offers a quick product introduction followed by the list of tips.

“Familiar television spokesmen like Henry Winkler, “The Fonz” from “Happy Days,” and Fred Thompson, actor and former Republican senator from Tennessee, were hired to explain to older homeowners that they can access their home equity as a financial resource, but financial experts caution that reverse mortgages are complicated products that are hardly financial elixirs,” ABC writes.

“…Here are seven tips when weighing if a reverse mortgage is right for you.

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The list includes: Know your lender or broker; understand the risks; reverse mortgages can affect eligibility for government programs; and no add-ons needed.

View the entire list at ABC.com.

Written by Elizabeth Ecker

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  • Most of these tips are simplistic and don’t help senior prospects for the RM, assuming they are stupid and vulnerable to greedy and untrained LOs who prey on them for too much commission and little expertise, non of which is true. So, why do so many people who don’t deal with the borrower or even solicit  their input, come parading out of the woodwork to confuse? I thought I would post the 7 tips for my prospects but as I read down through them, I found there is little help in the tips for seniors who get all the facts they need from me. Why are we so busy trying to ruin this solution to retirement poverty? Who benefits from this cloud of misguided information — not my seniors.

  • anybody read Tip #6 in the full article??
    Scare Tactics = a Culture of Fear
    Little wonder negativity still swirls around this program when myths and inaccuracies are offered as fact from a reputable source…..

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