Text 35358, 81 rader
Skriven 2009-08-26 19:53:00 av TIM RICHARDSON (1:123/140)
     Kommentar till en text av JOHN GUILLORY
Ärende: Universal health insuranc
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On 08-26-09, JOHN GUILLORY said to BJöRN FELTEN:



>  BA> and her mortgage interest alone is $2,100/month.
>    Surely that can't be true? That's more than $25k per year. Even with an
> extremely high rate, nowadays, as 5% that means she has borrowed $0.5
JG>My mom was looking to get a reverse mortgage on her house.  It's 100% paid
JG>for, no mortgage what soever.  She had to put up a check for $400 that
JG>they keep if we don't take out the loan (which later we decided not to).
JG>Then had to pay $40 for a certificate or something that the folks at mmi
JG>had to give her that said she was council'ed on how a reverse mortgage
JG>worked.... Funny these people are the same ones we previously talked to
JG>and asked several times in helping find a way out of debt for her.... If
JG>they're in with this company, why not suggest it to begin with?  Though
JG>kinda wished I never contacted them now.... We found out that after she
JG>was approved and all, even agreed to their high interest rate of I believe
JG>9% compounded daily...  She just wanted enough to pay off one of her
JG>credit cards and didn't want to loose the house, so that I could inherit
JG>it after she dies without having to make payments.... They told her she'd
JG>need like $30,000.00 in repairs *BEFORE* she could get the loan.  They
JG>could front her the moey from the loan, but that'd mean instead of paying
JG>back $5,000 + I think it was roughly $9,000 every 10 years we figured up,
JG>she'd need $35,000.00 + who knows how much in interest that'd
JG>accumulate.... meaning she'd have very little chance of paying it off...



Look........I've never owned a house in my life. But a *reverse* mortgage...
...and according to Robert Wagner who pushes the idea; `I'm sure you have a
lot of questions'......is one of the most idiotic ideas I've ever heard!


People always think they're gonna get something for nothing! It sounds like
you're getting something for nothing; a *reverse* mortgage simply means..
...*they* pay the mortgage to *you*! In other words.....*you* don't pay the
mortgage to the bank......this outfit (whoever they are) pay the mortgage to
*you*!


Does that sound sensible? The first question that pops into my mind is *how
many `reverse mortgages' does Robert Wagner have going for him, and how does
he like them?


The second question (and to my mind, the most important one) *who* inherits
the house and property (my guess is; *not* the person's family!)?


The first thing you gotta pop up in your mind when you hear something that
sounds too good to be true is......its too good to be true? It probable *is*
too good to be true!


The second thing you gotta think of is: *there ain't no free lunch*! If you're
gonna make out like a bandit on *this* end......somewhere along the line,
you're gonna pay the piper! It might look good here in the ads and Robert
Wagner might lend a bit of legitimacy to all of it.........but somewhere along
the line, you're gonna pay the piper!


I'm sorry your mother was suckered into this. It isn't something an old person
should have to be going through in the final years of their life. The cons and
scams abound, and the victims are usually old people.


By the way....a sit-down conversation with one of the officers of your
mother's bank might have avoided all of this. Almost always, bank financial
officers know better and would have advised your mother not to get involved.


From the very first commercial Robert Wagner did on this subject that I saw.
it smelled like a scheme to me.





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*Durango b301 #PE* 
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