![]() ![]() Things like the aluminum sliding windows that had since long before had the gliding parts worn out would “thump, thump, thump” through the tracks, making them impossible for her to open and close. She was very active at the time, and that meant she did not bowl as much as she wanted to, did not golf when she wanted to, and probably even more important than that, I found out that she was putting off improvements in her home that she really could use. She had enough income to get by each month, but about the 15th of each month, she shut down all discretionary spending. ![]() My mom had a home free and clear but had a problem. I certainly would not consider myself a snake oil salesman and would never do anything that would hurt my mom. If the man says he researched the program (possibly to determine whether to accept the offer to become the spokesman), I have no call to doubt his word. Selleck is lying because he doesn’t need the loan personally. It doesn’t mean that I needed a reverse mortgage or qualified for one at the time based on my age then, but I had to research it to answer my mother’s questions. I had to look into them because I had to do some research on my own. I was a mortgage banking professional for almost 30 years when my mother asked me about the loan, and I had to answer honestly that I had never originated one. But the bottom line is that they are paid actors doing commercials.ĭid Tom Selleck do “his homework” before he decided to represent a reverse mortgage company? I cannot say, but I have no reason to doubt him. Even David Spade has done parody commercials about reverse mortgages. Lesser-known celebrities such as Bill Medley from the Righteous Brothers did a reverse mortgage commercial, and so did 1950s pop singer Pat Boone. Over the years, several notable celebrities have represented reverse mortgage companies, including Robert Wagner, Henry “The Fonz” Winkler, former US Senator Fred Thompson, and Law and Order’s Jerry Orbach. There may be a worthwhile alternative for prospective borrowers who plan to move within several years, as reverse mortgages are designed to help people who plan to remain in their homes.Tom Selleck is a paid spokesman for another lender. However, it’s important to note that any remaining equity left after the loan is paid off will be returned to the borrower or their heirs.Ī reverse mortgage can be prudent, but the downsides should be considered. If you intend to leave your heirs a home that is paid off in full, then a reverse mortgage may not be the best course of action. Projected equity over time and inheritance for heirs - a reverse mortgage will draw down on equity over timeĪnother detriment is potentially drawing down home equity.It may help to compare the costs of reverse mortgage insurance versus other insurance products or options you might be considering. Insurance premiums - FHA insurance is paid upfront and annually.Fees - reverse mortgages have closing costs, like any mortgage.Still, it is important to compare those costs with the alternatives, such as those that come with insurance products and other types of loans that may be available.Ĭosts Continue to be the Reverse Mortgage Downside: Some critics of reverse mortgages consider the costs to be a downside. Reverse mortgages also require an upfront insurance premium and an ongoing insurance cost. Like any mortgage, a reverse mortgage carries fixed costs, such as closing costs and other fees. tax payments and keep the home to FHA standards. ![]()
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