Talk of The Villages Florida - View Single Post - Reverse Mortgages: Taxpayers on Hook for Billions of Dollars Every Year
Thread: Reverse Mortgages: Taxpayers on Hook for Billions of Dollars Every Year
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Old 01-30-2021, 08:27 AM
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Originally Posted by EdFNJ View Post
It didn't "go bad" he did. He DIED. The terms of the RM were it "pays for life or until the last person leaves the home or is deceased." He died, they paid, and per the terms of the RM they owned the home and for that they gave him scarlet fever and from that CHF. If they didn't want to accept that it shouldn't have been offered. And thank for your 6 years of service in 2 wars too. Whoopdeedo.
Perhaps, in this case, “going bad” is defined as when the outstanding loan amount exceeds the value of the home. When this happens, the taxpayers pay billions to the lender. I don’t believe it was meant as disrespect for your father. I believe the point of this thread is to ask why, we as taxpayers, and not the lender, should be responsible? Seems like a very reasonable question. Certainly not acknowledged by the salesman.