The guy who advertises them is Fred Thomas. He was an actor on Law and Order, was a practicing attorney, and was a US Senator for TN.
My guess is that he is rolling in money without doing these ads. He actually is an astute man, which makes me wonder why he advertises the reverse mortgage. There are very few situations where a RM is a good financial solution, and he knows that - unless he's gone senile. |
very well said cathyvv exactly what I told my son legal scam for sure I get the shivers everytime I see those tv ads and often think to myself how many elderlys are getting rip off my my just never end some of these scam ideas people come with
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Robert Wagner comes to my mind as someone doing the reverse mortgage ads.
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RM was the worst thing my late husband and I ever did. They are fast talking and promise a lot, but later you find out that it was not what you were promised or what it was cracked up to be.
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Originally Posted by richardswife
(Post 6414282)
RM was the worst thing my late husband and I ever did. They are fast talking and promise a lot, but later you find out that it was not what you were promised or what it was cracked up to be.
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If it sounds too good to be true it probably is! RM are not short term fixes for home improvement.
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Originally Posted by cathyvv
(Post 6413866)
While I'm not a financial expert, my opinion is that you are better off with a home equity loan. Why? Because while you don't have to pay a reverse mortgage back, you do accrue MORE interest on the reverse mortgage loan every month that it is outstanding. Over time, the interest can raise the amount you owe on your home to more than the home is worth if you try to sell it.
Reverse mortgage is, in my opinion, a 'legal' scam. The guy who advertises it used to be on Law and Order and was a US Senator, Fred Thompson. He actually ran for President in 2008 - got weeded out early. He was, by the way, Senator for TN from 1994 to 2003, and also was a practicing lawyer before getting into acting. He's a smart man, but I can't see that anything he's done in the past qualifies him to give financial advice to anyone. He's basically an unwanted telemarketer who comes into our homes via TV ads. Having said that, it may be the only choice for those who have no other assets, on a low fixed income and need additional cash flowing in every month to live. [h=2]Reverse Mortgage Cons[/h]
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We have a very good investment column in our local paper and he stresses that RM are very bad for most people and can cause lots of problems, so make sure you see a very good lawyer if you look into one. To update your kitchen, there are other and better ways. Good luck and be careful.
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The spokesperson is just an actor- period
Not only is Fred Thompson a spokesperson for the RM but Henry Winkler (The Fonz from Happy Days), Robert Wagner and James Garner, too- all actors. My guess is they were chosen because those eligible to do a RM (age 62+) would somehow trust them because we grew up watching them on TV. Same went for Dennis Weaver doing Ameriprise Financial commercials. None of them are financial experts-just actors.
My advice (and I do have financial experience) is to make a wish list of what needs to be done and what you "desire" to be done. Be honest in making those lists. If your needs list is much larger than your wallet, I would ask that you spread out the work. Cut eating out, runs to the store without lists, etc. Get at least 3 quotes for all the jobs. Let each of them know that you are looking at other contractors. Make sure they quote you on the same job, materials, and timeline so you are comparing apples to apples. Then if you truly need these things done at once, get a home equity loan. Shop for that too. Go to your "local" bank as well as the big ones too. Ask questions and understand the loan. And finally don't borrow more money than you need. Good luck! |
It is a shame they are doing those ads on tv for reverse mortgage.
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