Perhaps I was wrong in assuming all of the readers of this Blog were familiar with the term Reverse Mortgage.
The dog and pony shows on TV about Reverse Mortgages are incorrect by omission. Actor Fred Thompson is the worst at omission. For example, they fail to mention that while the deed does remain in the owners name; so too do the taxes, insurance, city or county fees and assessments, etc. The payback interest rate makes a pawn shop look legit!
Here it is in a nutshell---A Reverse Mortgage is nothing more than a Home Equity loan with a much longer repayment time frame.. It is polished to look like something else but at the end of the day it is just a Home Equity loan with an enormous interest rate..
If any of our readers want to challenge that assertion, I'll print their response in full without any editing.
I have been forced to learn more about this topic than I wanted to. Serving our church families requires many topics be explored. (I do not like what I am discovering on this topic!)
No comments:
Post a Comment