Kiplingers: Six questions to ask before getting a reverse mortgage
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EPISODE #817
Six questions to ask before getting a reverse mortgage
[Kiplingers]
Six financial professionals from Kiplinger Advisor Collective submit questions homeowners should consider before getting a reverse mortgage. Spoiler alert- they’re actually fair-minded..
Other Stories:
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[Atlantic Black Star Journal] Yet another potentially misleading reverse mortgage foreclosure story.
[National Mortgage News] Nation’s largest mortgage lender shutters mortgage origination platform.
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HSomR
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All that USA Today got wrong about reverse mortgages
A rebuttal to USA Today’s recent expose/editorial on reverse mortgages
If there’s one thing many media outlets practice it is selective reporting of facts, willful omission, dividing Americans by race or economic class, and fear-mongering to garner clicks to increase ad revenues. Such are the criticisms that come to mind when reading USA Today’s most recent expose on reverse mortgages. Sadly such journalistic practices are not uncommon…
Half Truths
New York Post Skewers Reverse Mortgages
While negative new stories about reverse mortgages have diminished considerably a few media outlets continue to beat the drum on the dangers of reverse mortgages leaving vulnerable seniors without a home. Reading such articles reminds me of Winston Churchill’s quote “A life gets halfway around the world before the truth has a chance to get it’s pants on”.
On July 23rd the New York Post published an article entitled “Taking out a reverse mortgage ruined my life” by Catherine Curan. The story outlines the unfortunate series of events that befell Frederick Feil who lives in Howard Beach, a suburb of southwest Queens, New York…
Download a transcript of this episode here.
Looking for more reverse mortgage news, commentary, and technology? Visit ReverseFocus.com today
Don’t Get Suckered: Consumer Reports
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Consumer Reports Article Cautions Readers
The magazine and self-described consumer educator and advocacy group Consumer Reports recently published an article entitled “Don’t Be Suckered Into Buying a Reverse Mortgage”.
In it’s paternalistic zeal Consumer Reports does dispense some practical advice but unfortunately makes use of pejorative terms such as vulnerable, at risk, ambiguous, and suckered. Today we will take a short editorial and factual review to prepare you to work with potential borrowers who may have read this piece.
Consumer Reports begins with the claim that the loans are often advertised as a risk-free way to fill the financial gaps in retirement. Not surprising since several media outlets have jumped on the CFPB’s recent report of reverse mortgage complaints, many which are related to advertising.
The article states that…
Download a transcript of this episode here.
Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.
Not Surprised
The media is inaccurate, misleading and selective in reporting the facts? What’s new. The Consumer Financial Protection Bureau’s recent release of it’s report on reverse mortgage complaints was seized upon by both the media and so-called consumer advocate groups. Surprised? No. Damaging? Possibly.
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