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05-29-2022, 08:30 PM
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Sage
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Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
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Quote:
Originally Posted by bhancock
Well, as many of you know, I work for Mutual of Omaha, and I am a reverse mortgage specialist. I love the program because it really helps seniors use the equity in their home to live better....HOWEVER!
I got in the mortgage biz in 1984 and the first loan I ever did was for an accountant. He optioned for a 1 year ARM that started at 13%!! Now, that was about 3% lower than a fixed at the time, but I thought he was an idiot because there were no caps in those days, so he could be 20% the following year. But he was smarted than I. Reagan had just gotten into office after the terrible Carter years, and he knew rates would come down, and he was right!!! A great move by him!!
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You had a very smart accountant! I doubt he would recommend his clients take out reverse mortgages except under very rare and exceptional circumstances.
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"No one is more hated than he who speaks the truth." Plato
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