Perhaps you already know a good deal about reverse mortgages. You've watched the infomercials on television and you have probably even gotten something about them through mail.
Sometimes all that is known about reverse mortgages, is that a friend of a friend heard from someone they knew who had one, and for some reason it didn't work out so the bank took the house, leaving them homeless.
Some dont know a thing about them other than what this guy they overheard at the coffee shop was saying. He talked about his brother who knew someone who had a friend with a reverse mortgage. The bank took this friends house and he had to live on the street.
In the reverse mortgage industry, there were some individuals who were manipulated.
A common happening in the state of Texas was, if asked for financial guidance, estate managers would send customers to a friend of theirs, who so happened to be a reverse mortgage lender.
When it came time to close, the statement showed a consulting fee was owed to the financial adviser, in the amount of 10 grand.
Because of the financial interest in referring the individual to a reverse mortgage company, they may not have the customers best interest at heart.
Whether the reverse mortgage was the correct financial response to the customers issue was not the problem. The problem lies in related business relationships causing a serious conflict of interest.
Can this still happen? No. It is now against the law. RESPA laws and every senior watchdog group you can name keeps a close eye on the reverse mortgage industry, its hard to really get taken anymore.
Does that mean a lender wont try to talk you into a reverse mortgage even though it may not be the best financial choice at the time? No.
This adviser will tell you the honest truth because there is nothing in it for them. They are there to guide, and if your outlook isn't the best based on what youve chosen to do, they will shout it from the rooftops.
This adviser will tell you the honest truth because there is nothing in it for them. They are there to guide, and if your outlook isn't the best based on what you've chosen to do, they will shout it from the rooftops.
The point is if you have a financial issue or know a senior who does, and the subject of the reverse mortgage comes up, don't parrot what you've heard until you really know. You might be surprised at the truth. - 15224
Sometimes all that is known about reverse mortgages, is that a friend of a friend heard from someone they knew who had one, and for some reason it didn't work out so the bank took the house, leaving them homeless.
Some dont know a thing about them other than what this guy they overheard at the coffee shop was saying. He talked about his brother who knew someone who had a friend with a reverse mortgage. The bank took this friends house and he had to live on the street.
In the reverse mortgage industry, there were some individuals who were manipulated.
A common happening in the state of Texas was, if asked for financial guidance, estate managers would send customers to a friend of theirs, who so happened to be a reverse mortgage lender.
When it came time to close, the statement showed a consulting fee was owed to the financial adviser, in the amount of 10 grand.
Because of the financial interest in referring the individual to a reverse mortgage company, they may not have the customers best interest at heart.
Whether the reverse mortgage was the correct financial response to the customers issue was not the problem. The problem lies in related business relationships causing a serious conflict of interest.
Can this still happen? No. It is now against the law. RESPA laws and every senior watchdog group you can name keeps a close eye on the reverse mortgage industry, its hard to really get taken anymore.
Does that mean a lender wont try to talk you into a reverse mortgage even though it may not be the best financial choice at the time? No.
This adviser will tell you the honest truth because there is nothing in it for them. They are there to guide, and if your outlook isn't the best based on what youve chosen to do, they will shout it from the rooftops.
This adviser will tell you the honest truth because there is nothing in it for them. They are there to guide, and if your outlook isn't the best based on what you've chosen to do, they will shout it from the rooftops.
The point is if you have a financial issue or know a senior who does, and the subject of the reverse mortgage comes up, don't parrot what you've heard until you really know. You might be surprised at the truth. - 15224
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