Fox4 asks an important question . . .
We’ve been hearing a lot about reverse mortgages lately — in part because former mayor Charles Wheeler recently found his home, and reverse mortgage, in foreclosure. So, are they a good idea? Or is it just a short-term fix to a long-term problem?
And what is the long-term problem?
Getting Old.
Running Out Of Money.
All of the smart people advise against both.
What did Charlie do with the money he borrowed?
ReplyDeleteBoth he and his wife benefit from single-payer health insurance, so do not offer that song and dance about medical bills.
When it comes down to it, Charlie cannot keep a checkbook balanced.
In addition, he has been associated with a series of get-rich-quick schemes over the past twenty years where the grifter failed to find enough marks to steal from to make the schemes work.
He was not taken advantage of. The man is irresponsible and those are chickens roosting Mr. Mayor.
This is what happens when a society removes the social safety net because Wall Street tells puppets like Reagan and the Bushes that we do not need pensions or a financial regulation and the puppets do their bidding.
ReplyDeleteWhen we're talking about a doctor in a $600,000 house, you don't get to use the term "safety net." This isn't a single mom living in section 8 doing her GED at night so she can get into LPN school.
ReplyDeleteThis whole thing is crap. Charlie Wheeler is no dummy, multiple degrees, nice home, and he knew exactly what he was getting into with the reverse mortgage. Nutter did ABSOLUTELY nothing wrong, and Charlie demonizing them in the press was pathetic. He had every opportunity to sell that house, and move himself and his ill wife into a smaller ranch home or condo. He chose not to. Reverse mortgages are good when you abide by the rules. Charlie did not...
ReplyDeleteNope, really looks like Nutter Mortgage screwed over this one guy...how many more less known folks were screwed over by the hometown mortgage company?
ReplyDeletetry again, Pat O. Your boss just lost a bucket of influence. Who in their right mind will throw large dollars into the political pool with Nutter Butter?
Hey, Skippy, you is gonna need to saddle up and do your own damn fundraising. The competition is nippy at your heels.
Fuck Charlie, he's just another nigger who borrowed money and didn't pay it back. I don't give a shit where he lives as long as he's out of my property!
ReplyDeleteReverse mortgages are not a well thought out product offering. Essentially, the property always goes into foreclosure. There's no real way to profit from them besides finding really nice property that maintains its value; the most anyone can expect to get is 80% LTV. The bank starts off with 20% equity. They take possession of the property when the mortgagor dies. Its no different than the conventional loan; the only difference is reverse mortgages assumes a massive amount of equity is already in the property or its owned free and clear. It's little more than Equity Line of Credit where the equity is doled out over the course of the loan. Heirs rarely want to make the payments to buy the house back when their loved one is dead. It's a rip off scheme if you ask me. I'd rather just keep the equity and have something to leave the family. Let them decide what to do with the gift.
ReplyDelete