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, 06:01 PM
valuemkt valuemkt is offline
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Default Financial Literacy
Quote:
Originally Posted by dewilson58 View Post
They lost their houses because they could not pay RE Taxes & Insurance, NOT because of a reverse mortgage. They would have lost their house without the RM and probably sooner.

Not sure I agree with your conclusion. All of a sudden you're "given" a pot of money .. kind of like winning the lottery. What percentage of people that win the lottery are broke within 5 years ? Look it up .. So since you have limited time left, you spend and charge to beat the Grim Reaper .. and guess what ? They beat him for a while, and outlive that Pot of Gold. Formerly responsible, but financially ignorant people no longer have any money left to pay the bills, like taxes and insurance .. QED