Repeated reverse mortgage misinformation addressed
Perhaps you’ve seen them on television or heard their advice on the radio. Commentators dispensing financial advice in the most confident manner to millions of Americans seeking solutions. But are they getting honest and accurate advice? What if that advice is simply wrong, misleading, or even worse leaves the audience in a worse standing? Fact-checking the reverse mortgage claims of supposed financial experts is a long-established tradition among reverse mortgage professionals. And it continues to this day. Last week, one well-known industry leader took one of the largest nationally syndicated financial commentators to task. Case in point, the NASDAQ column “Fact-Checking Dave Ramsey’s Reverse Mortgage Claims” by Fairway Independent Mortgage’s Harlan Accola and…
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3 Comments
The dave ramseay article rocks. He is misleading senior homeowners. Keep the facts up and stop the bully (ramsey) from bad mouthing reverse mortgages.
Thank you so much for bringing this out. I did the same on my radio show last Friday by quoting you gust and doing my “rant” around this subject and the statements of your gust. Reminder: my show “The Educated Retirement” is on KMET every Friday at 3:00 P.M.
Thanks so much again, your videos and remarks are always GREAT!
Jay
I agree with Harlan.
We all know the answer to the question of losing title to the home by originating a reverse mortgage BUT a more fundamental issue that we as an industry fall to address is the following: Since title is protected and all reverse mortgages must be nonrecourse by the addition of federal law 15 USC 1602(cc) over 30 years ago, why is it that after the termination of a reverse mortgage do fewer than 10% (which is higher than the actual percentage) of title holders (including heirs) at the time of termination of the reverse mortgage retain title to the home? Is that not, in the vast majority of reverse mortgage originations, the pragmatic end of owning that home when the reverse mortgage is originated? While the law says no, the philosophical, pragmatic,
and logical answer is yes.