tag:blogger.com,1999:blog-7441100604804334347.post8543671637004409884..comments2023-09-13T06:52:37.354-04:00Comments on HingeFire: Warning: Reverse MortgagesGregBhttp://www.blogger.com/profile/12293381702242782550noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7441100604804334347.post-24929375601627169872008-03-14T13:17:00.000-04:002008-03-14T13:17:00.000-04:00I appreciate and share your concern about those wh...I appreciate and share your concern about those who try to swindle seniors in any fashion. I am on record as opposing seniors purchasing deferred annuities, and especially anyone coercing them into using the proceeds from a reverse mortgage for such activities.<BR/><BR/>I urge you to use caution, however, in painting an entire industry with such a broad brush. Like any loan ever invented or imagined, it is not for everyone. But for those for whom it is designed, it can be a godsend.<BR/><BR/>Just yesterday, I received a phone call from a 78 year old widow who is on kidney dialysis, and she is currently behind on her mortgage payments. She is behind the 8 ball in the worst sense. While some may suggest she just sell and downsize, in her case, this would not necessarily solve her problem when you consider the financial, physical and emotional toll on her. In her case, a reverse mortgage will eliminate her monthly mortgage payments, save her home, and allow her to live the rest of her life where she is familiar and comfortable.<BR/><BR/>While the most cynical might say we're just in it for the money, believe me when I tell you that when I received her call yesterday, I was determined to solve her problem for her. She told me of other lenders who gave her empty promises to help, but the reverse mortgage can genuinely do it.<BR/><BR/>Please be careful with the broad brush. There is much more legitimacy to reverse mortgage, its lenders, and its beneficiaries than the media and cynics like to admit.<BR/><BR/>Thanks for the opportunity to provide a little balance to this serious topic.<BR/><BR/>~Corey MatelliAnonymousnoreply@blogger.com