Several years ago a number of clients sought our advice as they considered a reverse mortgage as a means to obtain extra income during their retirement. Completely neutral as we approached the analysis, we were astonished at the financial devastation these monstrosities would cause. We guided our clients to better routes. Concerned about the public at large, we analyzed the entire program to produce a book and blogs directly addressing the misleading propaganda found in ads and sales materials.
Far from life enhancing, these loans destroy wealth, providing gullible victims with modest cash amounts as vastly more home equity is taken. Borrowers either pay off the loan at usurious rates or end up forfeiting their home for a fraction of its value.
The Final Rip-Off: Reverse Mortgages exposes the harm, with clear language and visuals that demonstrate the real costs.
You will know why you should not use a reverse mortgage to fill a budget gap, or to pay off existing loans, or to make home repairs, or for any purpose whatsoever. You will see how reverse mortgages worsen your situation and discover better ways to move forward.
Only available to people at least 62 years of age, often retired with no new means of income; for the victim a reverse mortgage will have served as the final rip-off. Don’t let it happen to you or anyone you know.