Phear The Reverse Mortgage Salesman!

[Missourian]

Here us the filing from Illinois.

People Illinois) v. American Advisors Group Complaint

 

[Revere]

Of course, so business could get more money from the old before they die.

Shouldn't you expect to be paid for services you sell?

I guess that attitude goes all the way down to the gutters and drug pushers and such...

Does the government have programs to promote that, too?

Why did HUD create reverse mortgages?

 

[Missourian]

You don't qualify for Medicaid if you have assets, i.e., equity in a home.

Umm right it has to be sold. How does that work with a reverse mortgage?

Here's the HUD Q&A.

Frequently Asked Questions About HUD's Reverse Mortgages

From HUD:

[FONT=Verdana, Arial, Helvetica, sans-serif]"The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security."


[/FONT]​

 

[Missourian]

Can I stop Phearing Tha Phred?

Law & Order: Mortgage Victims Unit (Starring Fred Thompson)

The actor/presidential wannabe's latest role: pitchman for a company charged with preying on the elderly.



*snip*​

More at the link, including Thompson's other shady spokeman deals.

You Regressives sure know how to pick 'em!

This is what you get when you trust Mother Jones.

 

[Revere]

Umm right it has to be sold. How does that work with a reverse mortgage?

Here's the HUD Q&A.

Frequently Asked Questions About HUD's Reverse Mortgages

From HUD:

[FONT=Verdana, Arial, Helvetica, sans-serif]"The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security."


[/FONT]​

Yep. Think of it as a subprime loan, only with equity.

It's for senior citizens who are borderline too destitute to afford their homes any longer.

 

[uscitizen]

Shouldn't you expect to be paid for services you sell?

I guess that attitude goes all the way down to the gutters and drug pushers and such...

Does the government have programs to promote that, too?

Why did HUD create reverse mortgages?

I would say because of the finiancial industry lobbying for it.

 

[Revere]

I guess that attitude goes all the way down to the gutters and drug pushers and such...

Does the government have programs to promote that, too?

Why did HUD create reverse mortgages?

I would say because of the finiancial industry lobbying for it.

Wrong. Scroll up.

 

[Revere]

Most other HUD products require only 3% down and no minimum FICO. Only government would insure those loans.

 

[uscitizen]

A HECM loan must be repaid in full when you die or sell the home. The loan also becomes due and payable if:


-You do not pay property taxes or hazard insurance or violate other obligations.
-You permanently move to a new principal residence.
-You, or the last borrower, fail to live in the home for 12 months in a row. An example of this situation would be if you (or the last borrower) were to have a 12-month or longer stay in a nursing home.
-You allow the property to deteriorate and do not make necessary repairs.


Frequently Asked Questions About HUD's Reverse Mortgages
so anyone living in the home with grandma gets booted out 12 months after she goes into the nursing home?

 

[Revere]

You can argue whether government should be helping seniors stay in their homes or not.

Corporations who build roads make profits, too.

So do CEOs of GSEs like Freddie and Fannie.

 

[Revere]

How can government demand you perform a service and make no profit?

That, after all, is slavery.

 

[Synthaholic]

Can I stop Phearing Tha Phred?

Law & Order: Mortgage Victims Unit (Starring Fred Thompson)

The actor/presidential wannabe's latest role: pitchman for a company charged with preying on the elderly.



*snip*​

More at the link, including Thompson's other shady spokeman deals.

You Regressives sure know how to pick 'em!

This is what you get when you trust Mother Jones.

Do you think that is the only source for this story, you stupid fuck?

 

[Missourian]

Can I stop Phearing Tha Phred?

Law & Order: Mortgage Victims Unit (Starring Fred Thompson)

The actor/presidential wannabe's latest role: pitchman for a company charged with preying on the elderly.



*snip*​

More at the link, including Thompson's other shady spokeman deals.

You Regressives sure know how to pick 'em!

This is what you get when you trust Mother Jones.

Do you think that is the only source for this story, you stupid fuck?

Of course not...I'm sure it's on HuffPo, ThinkProgress and DailyKos too.