Talk of The Villages Florida - View Single Post - 15,000 Floridians with Reverse Mortgages Facing Foreclosure and Homelessness
Thread: 15,000 Floridians with Reverse Mortgages Facing Foreclosure and Homelessness
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Old 01-25-2021, 02:13 PM
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Quote:
Originally Posted by manaboutown View Post
Even after reform reverse mortgages can lead to losing one's home. The myth is the borrower cannot lose. The reality is the lender cannot lose as taxpayers end up not only covering up any and all of their possible losses but assuring their profits - and they are some profits!

Reverse mortgages are dangerous products pushed on naive vulnerable seniors using the hard sell. Remember Fonzie (Henry Winkler) and Magnum P.I. (Tom Selleck) on TV commercials pushing them?
Maybe the can’t loose, but may be left with nothing.