Talk of The Villages Florida - Reverse Mortgages: Taxpayers on Hook for Billions of Dollars Every Year

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That is old information. They completely did away with the old reverse mortgage program and revised/revamped reverse mortgage product so that could no longer occur.

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Originally Posted by charlieo1126@gmail.com (Post 1894937)

during war both military and civilian,followed by many more trouble spots around the world , taxpayers and feds owe me nothing but what I was payed

They owed him. HE probably didn't feel that way but I DO. Same reason vets get (and deserve) discounts at stores and restaurants and medical for life etc etc. They are owed that for their service and deserve it. If the "taxpayers" don't like it so be it.

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Originally Posted by almondz (Post 1894939)

That is old information. They completely did away with the old reverse mortgage program and revised/revamped reverse mortgage product so that could no longer occur.

Oh, it is still occurring. HUD: Reverse mortgages continue drain on FHA insurance fund - HousingWire

Quote:

Originally Posted by Plinker (Post 1894655)

Taxpayers On Hook For Billions Of Dollars Every Year

This from the Heritage Foundation: 2017

“Because of the largesse of federally financed subsidies in the Federal Housing Administration’s reverse-mortgage program, the federal government has gradually crowded out private insurers from the market for these financial products since the program began in the late 1980s.
Indeed, amid the multi trillion-dollar maze of federal insurance and guarantee programs lies the Federal Housing Administration Home Equity Conversion Mortgage program—an insurance program providing loss coverage on reverse-mortgage originations backed by federal taxpayers.
The loan program simply has become a severe financial burden for federal taxpayers. The Federal Housing Administration reports that the Home Equity Conversion Mortgage program faces a financial shortfall totaling roughly $14 billion in fiscal year 2017.
To avoid any further compounding of the fiscal fiasco, policy leaders should wind down the federal Home Equity Conversion Mortgage program, and in the interim certainly refrain from any misguided reforms that would increase moral hazard, put more taxpayer money at risk, and ultimately continue to crowd out private mortgage insurers from the market for reverse mortgages.”

I was stunned when I read this. This is a fact a salesman will never reveal.

Does that mean that the government is paying out $14 billion or they are on the hook for $14 billion? Insurance companies are on the hook for every penny they insure everyone for but the only pay out a miniscule portion of that amount. I don't know what the true facts are but am skeptical when I hear incomplete information.

Quote:

Originally Posted by charlieo1126@gmail.com (Post 1894937)

during war both military and civilian,followed by many more trouble spots around the world , taxpayers and feds owe me nothing but what I was payed

Agreed, especially for vets and their families, but the problem is those that are getting freebees that they do not deserve

There is a house a few doors down from me, that has sat empty for over three years, we heard that the person that owned it and died took a RM. Can't imagine the house will be worth much with no A/C or heat for this long. Probably got his RM thru the Gov?

Quote:

Originally Posted by charlieo1126@gmail.com (Post 1894937)

during war both military and civilian,followed by many more trouble spots around the world , taxpayers and feds owe me nothing but what I was payed

America felt they owed veterans long term health care - so, the V.A. was established. The military vets deserve that benefit and more!

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Originally Posted by EdFNJ (Post 1894949)

Throughout history when counties lose ONE war, they may become permanently enslaved. The same is TRUE today. The main purpose of Federal Government is to protect its citizens. The military ensures that protection. The military uses many troops that are of a young age - their most productive age - and pays them very little to start. They DESERVE all the discounts, health care, and other fringe benefits that they get. They deserve to leave service with pride and have their GRATEFUL country love them.

Quote:

Originally Posted by almondz (Post 1894939)

That is old information. They completely did away with the old reverse mortgage program and revised/revamped reverse mortgage product so that could no longer occur.

If that is correct, it would be the best post so far.

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Originally Posted by nick demis (Post 1894968)

Paying out.

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Originally Posted by Frank Giardino (Post 1894987)

There are far too many of these situations all around.

The VA was part of a system that

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Originally Posted by jimjamuser (Post 1895002)

America felt they owed veterans long term health care - so, the V.A. was established. The military vets deserve that benefit and more!

was owed you for your care , the constant whine about stores that don’t give you a discount or waiting in a long line for a free meal in a restaurant you may not even go to I find pathetic , I would rather see discounts for single mothers or all low income people veterans included and as far as pay goes with bonuses , combat pay , speciality pay the young soldiers do very well and remember just like me they wanted to be there , the more risk you take the more elite the unit the more money you make

It just never ends. Incompetency

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Originally Posted by dewilson58 (Post 1894671)

Four years old..................the world has changed.

History can be shocking........Slavery, Indians forced off their land, Women not able to vote.

So why bring up stuff 100 plus years old? How bout going back 1000 years or when the Big Bang happen?

celebrities are as well, on public tv advertising (I just can't remember the names..the main one is a guy). I believe my cousin had a reverse mortgage for a few years before she died. She put her house on the market in the last several months of her life, and it sold the Friday before she died on 2 or 3 days later. I don't think she lost out on anything. I don't know how the RM got handled at closing either.