Reverse Mortgages Could be the Next to Collapse
The reverse mortgage business could be the next sector of the real estate market to collapse, says State Representative Jim Davnie of Minneapolis. He and Attorney General Lori Swanson are worried about predatory reverse mortgages aimed at senior citizens.
The new legislation would provide a 30-day window for seniors to rescind the loan and mandate non biased counseling for seniors. The bill also holds lenders responsible to sell reverse mortgages only to people who need them.
posted by KLKS News @ 10:33 AM
2 Comments:
After 4 (Four) years of serving Senior with this HECM Reverse Mortgage BLESSING. I can guarantee anyone that NOT ONE of these wonderful clients has One Single Complaint. 30 days grace cannot be justified. Plus 15 days extra to Return the Funds! People! this is not TIME SHARE! (10 day recission.) The Real Estate Market is Damaged, Yes... But Not by Reverse Mortgage. Sooner than later we all become Seniors and I have not found one who was not EXTRA GREATFUL for their HECM. The Banks failing and The Bailout Blunders are nothing but verification of Biblical Prophesies. It is time to Come to Jesus!
Iagree that all of my nearly 100 reverse mortgage clients per year during the last 3 years have never came back to express regret. This is an exagerrated and misleading post. Reverse mortgages allow seniors to use money that is their hard earned money that con be taped for an annual cost that can be less that any regular mortgage after 3-4 years. Contact me at egenovese@oceanfirst.com for more details. I do loans all over the country and will stand up to any inquiry regarding the integrity of any of my clients decisons to choose the reverse mortgage option.
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