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(Yahoo)   New report shows seniors are confused by reverse mortgages, that new TV you bought them. And how come you never call anymore?   (finance.yahoo.com) divider line 94
    More: Obvious, reverse mortgage, consumer finance, CFPB, lump sums  
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5496 clicks; posted to Main » on 28 Jun 2012 at 12:15 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-28 09:53:31 AM
"How come"?

If you want to speak like a Dutchman then speak Dutch; let English "Why" reign supreme.
 
2012-06-28 10:36:56 AM

cman: "How come"?

If you want to speak like a Dutchman then speak Dutch; let English "Why" reign supreme.


Or how about the ever-popular 'why come?' Love that one. Heard it a lot when I lived in OK.

And anyway, weren't reverse mortgages specifically created to confuse old people out of their money?
 
2012-06-28 10:46:34 AM

Wyckyd Sceptre: Or how about the ever-popular 'why come?' Love that one. Heard it a lot when I lived in OK.


Tattoo. Why come you don't have a tattoo?
i.imgur.com
It's OK scro, there's lots of tards living kickass lives
 
2012-06-28 11:16:41 AM

CaptainWes: Wyckyd Sceptre: Or how about the ever-popular 'why come?' Love that one. Heard it a lot when I lived in OK.

Tattoo. Why come you don't have a tattoo?
[i.imgur.com image 590x318]
It's OK scro, there's lots of tards living kickass lives


Nice pull. Never caught that before.
 
2012-06-28 11:46:56 AM

Wyckyd Sceptre: And anyway, weren't reverse mortgages specifically created to confuse old people out of their money?


No, but they are being used for that.

My mom worked with Gram to get her into one. But only after tons of research. The community for which they're beneficial is alot smaller than they make it out to be. It's no magic solution.

And mom knows what she's doing. The problem is she couldn't get Gram to take a lager allowance, so she still doesn't have adequate income. "I want to leave something to you guys." Her sentiment is interfering with her sense.

Her house is over 100 years old and isn't worth the property it's on. No one in the family wants it once she dies. And no one in the family really needs the money. So it makes no sense to keep dropping her money when she could be taking a larger share from the reverse mortgage.

We want her to be comfortable and be able to afford to do the things she'd like to do at 85. We're not interested in a legacy or inheritance.
 
2012-06-28 12:25:19 PM
Is there anything the elderly aren't confused by?

It's hard to see older people as wise when you hear about how so many of them spend/waste their money. When some guy who calls himself the King of Nigeria can convince you to send him your life savings, for example, you're at least several light years away from "wise."
 
2012-06-28 12:25:22 PM
Bank of America stopped originating reverse mortgages a year or so ago... that should tell you all you need to know about reverse mortgages.
 
2012-06-28 12:26:47 PM
A reverse mortgages like reverse vampires or reverse cowgirls?
 
2012-06-28 12:28:10 PM
Piece of shiat, Nixon-apologist, and B actor Fred Thompson now is pushing this shiat in an add that is made to look like something from AARP. It's OK to fark over Grandma if there's a profit to be made.
 
2012-06-28 12:28:16 PM
Reverse mortgages are fundamentally less confusing than regular mortgages. Then again, most people with regular mortgages don't understand them, so . . . .

The bottom line is that if banks are allowed to confuse consumers about loan structures, etc, then they will. Banks are corporations motivated by profit. It is only reasonable to expect them to strain against the limits of regulation. That's what corporations are designed to do.

It's society's responsibility to regulate corporations wisely. And it's the responsibility of the courts to punish corporations when they do bad things.

Deal with credit unions when possible. They're not run by angels, but on average there's no comparison.
 
2012-06-28 12:29:17 PM

Smelly Pirate Hooker: Is there anything the elderly aren't confused by?


No. Effect of aging: your brain rapidly turns to goo.

Delicious goo.

/no, you can't stop it, either
 
2012-06-28 12:33:49 PM

ddam: Bank of America stopped originating reverse mortgages a year or so ago... that should tell you all you need to know about reverse mortgages.


Why would any bank do a reverse mortgage right now? They are already sitting on tens-of-thousands of unsellable homes. Why risk taking on another? Reverse mortgages made by reputable lenders can be a boon to an elderly person, who needs some income. But there are and always have been rip-off artists, robing older people of their homes. They are going to be coming out of the woodwork in droves as soon as the housing market turns around.
 
2012-06-28 12:34:24 PM

Smelly Pirate Hooker: Is there anything the elderly aren't confused by?

It's hard to see older people as wise when you hear about how so many of them spend/waste their money. When some guy who calls himself the King of Nigeria can convince you to send him your life savings, for example, you're at least several light years away from "wise."


Listen, you young whippersnapper...

where was I?

/where?
 
2012-06-28 12:34:27 PM

ddam: Bank of America stopped originating reverse mortgages a year or so ago... that should tell you all you need to know about reverse mortgages.


That its a good thing? Seriously BoA is effectively saying that BoA can't guarantee to make money off the reverse mortgage because the house may decline in value before you die (people are living longer, values aren't guaranteed, etc).
 
2012-06-28 12:35:20 PM

The Beatings Will Continue Until Morale Improves: A reverse mortgages like reverse vampires or reverse cowgirls?


Yes, they are exactly the same - all reverse and all working together..
 
2012-06-28 12:36:29 PM

Wyckyd Sceptre: cman: "How come"?

If you want to speak like a Dutchman then speak Dutch; let English "Why" reign supreme.

Or how about the ever-popular 'why come?' Love that one. Heard it a lot when I lived in OK.


Or "what for," as in, "what for you bury me in the cold, cold ground?"

examinedlife.typepad.com
 
2012-06-28 12:39:37 PM

Smelly Pirate Hooker: Is there anything the elderly aren't confused by?

It's hard to see older people as wise when you hear about how so many of them spend/waste their money. When some guy who calls himself the King of Nigeria can convince you to send him your life savings, for example, you're at least several light years away from "wise."


The elderly = wise harkens back to an age where elderly = 45 ~ 50.

/my moat, removest thou from it!
 
2012-06-28 12:42:19 PM

ddam: Bank of America stopped originating reverse mortgages a year or so ago... that should tell you all you need to know about reverse mortgages.


If they stopped originating them, they must be awesome.
 
2012-06-28 12:43:44 PM

Diogenes: No, but they are being used for that.

My mom worked with Gram to get her into one. But only after tons of research. The community for which they're beneficial is alot smaller than they make it out to be. It's no magic solution.

And mom knows what she's doing. The problem is she couldn't get Gram to take a lager allowance, so she still doesn't have adequate income. "I want to leave something to you guys." Her sentiment is interfering with her sense.

Her house is over 100 years old and isn't worth the property it's on. No one in the family wants it once she dies. And no one in the family really needs the money. So it makes no sense to keep dropping her money when she could be taking a larger share from the reverse mortgage.

We want her to be comfortable and be able to afford to do the things she'd like to do at 85. We're not interested in a legacy or inheritance.



That's the greatest thing ever. I'll have to convince my future kids to set one up for me!

/r
 
2012-06-28 12:44:36 PM
Anything involving a corporation and your money means the corporation is getting something from you.

Not rocket science.
 
2012-06-28 12:49:53 PM
I'm 34 and they confuse the shiat out of me, so there's that.
 
2012-06-28 12:52:49 PM

Smelly Pirate Hooker: Is there anything the elderly aren't confused by?
."


They're confused by things like traffic signals, cell phones, and traffic signs. So I think it's safe to say they're confused by anything that doesn't involve them screaming to Congress for more free shiat while at the same time stopping "socialism."
 
2012-06-28 12:57:09 PM
That article seems to have been written by someone who doesn't know anything about reverse mortgages. Since they don't know anything they didn't bother to do any research, find any information to back up the facts they stated, or attempt to point readers in the direction of something that could explain how legitimate reverse mortgages work.
They also didn't do a very good job of explaining why they were confused by them - or how.
 
2012-06-28 12:57:23 PM

Smelly Pirate Hooker: Is there anything the elderly aren't confused by?


That's not fair. The elderly are confused by things because the rest of us have made them confusing.

Take television, for example. in 1973, you turn on your television, and you're watching television. You change channels by flipping a physical switch that changes the resonant frequency of your tuner. Your television works because of the laws of physics; it fails because of a power outage or because someone isn't transmitting.

After engineers worked so hard to make this so simple, we then made it a baffling ordeal with numerous failure modes. Turning on a TV requires at least two remote controls, and now that we do everything over the Internet, TV shows are now things that periodically freeze if too many people are watching them. Your Hulu or Netflix works because millions of lines of code are not crashing, and a bunch of service providers decided to do their job correctly at the same time; it fails because whatever, because it's tuesday.

The elderly aren't becoming senile. They're just ordinary users, scratching their heads at how stupid we made everything.
 
2012-06-28 01:09:58 PM

kellynoel: I'm 34 and they confuse the shiat out of me, so there's that.


Hello Friend-

I was the widow to the late Billy Von Mbenke, former finance minister of South Khazakstan. I humbly beg your assistance in helping me invest the sum of $THIRTY-FOUR MILLION US. For your trouble in helping me reserve this monies until the USA, you will be compensated 10% (or $TWO MILLION DOLLARS US). Please forward your banking details soonest, along with $700 required transfer fee.

May God be with You.
-Tigger Von Mbenke
 
2012-06-28 01:10:00 PM

Cewley: Piece of shiat, Nixon-apologist, and B actor Fred Thompson now is pushing this shiat in an add that is made to look like something from AARP. It's OK to fark over Grandma if there's a profit to be made.


I saw a Robert Wagner reverse mortgage ad and thought, "If you can't trust a guy who probably got away with murdering Natalie Wood, whom can you trust?"

Then, hours later, I saw Henry Winkler pimping reverse mortgages. How sad to be hired for playing Arthur Fonzarelli and proceed to act like Barry Zuckercorn.

Yes, these were both on a TV channel that shows reruns from the 50s and 60s, why do you ask?
 
2012-06-28 01:10:39 PM
I have a question. My grandmother wants to sell her house but no one is buying. She already lives in a community so the house is just sitting there. Could she make money of a reverse mortgage if she has no mortgage? What if she took out another mortgage then reversed it?
 
2012-06-28 01:12:20 PM

MindStalker: ddam: Bank of America stopped originating reverse mortgages a year or so ago... that should tell you all you need to know about reverse mortgages.

That its a good thing? Seriously BoA is effectively saying that BoA can't guarantee to make money off the reverse mortgage because the house may decline in value before you die (people are living longer, values aren't guaranteed, etc).


It had to do more with the possible lawsuits in the future and the bad PR reverse mortgages are getting. REOs that are properly maintained are sold within a week of being put on the market... it's the vacation homes/investment homes that have been vacant for 2-3 years that need major repairs that sit unsold for months in today's market.
 
2012-06-28 01:13:38 PM

Smelly Pirate Hooker: Is there anything the elderly aren't confused by?

It's hard to see older people as wise when you hear about how so many of them spend/waste their money. When some guy who calls himself the King of Nigeria can convince you to send him your life savings, for example, you're at least several light years away from "wise."


My parents are entering this stage in their 70s. They are completely incapable of learning new things. Yet insist on buying new things like iphones. They're like retarded children. Last week when he was cleaning the screens on the windows instead of vacuuming them or taking them out and hosing them off my dad took the gas powered blower into the house.
 
2012-06-28 01:20:48 PM

baufan2005: I have a question. My grandmother wants to sell her house but no one is buying. She already lives in a community so the house is just sitting there. Could she make money of a reverse mortgage if she has no mortgage? What if she took out another mortgage then reversed it?


Reverse mortgage is just the name of the product and you don't need a mortgage on the property to get this type of loan. It is called that because the "borrower" receives funds from the bank monthly instead of the other way around and at the end of the term the bank gets the property.

If your grandma doesn't want the property and she owns it free and clear I'd say that selling it at lower price is still a better option than reverse mortgage. Why is the property not selling? If it is due to necessary repairs maybe try selling it "as is" but at a substantial lower price.
 
2012-06-28 01:20:54 PM

baufan2005: I have a question. My grandmother wants to sell her house but no one is buying. She already lives in a community so the house is just sitting there. Could she make money of a reverse mortgage if she has no mortgage? What if she took out another mortgage then reversed it?


She would be better off renting it until it sells. If you live far away or otherwise are unable to manage the property, there are property managers who can do it for you (for a fee, of course). The realtor who listed the house should be able to offer advise.
 
2012-06-28 01:21:42 PM

Xcott: Smelly Pirate Hooker: Is there anything the elderly aren't confused by?

That's not fair. The elderly are confused by things because the rest of us have made them confusing.

Take television, for example. in 1973, you turn on your television, and you're watching television. You change channels by flipping a physical switch that changes the resonant frequency of your tuner. Your television works because of the laws of physics; it fails because of a power outage or because someone isn't transmitting.

After engineers worked so hard to make this so simple, we then made it a baffling ordeal with numerous failure modes. Turning on a TV requires at least two remote controls, and now that we do everything over the Internet, TV shows are now things that periodically freeze if too many people are watching them. Your Hulu or Netflix works because millions of lines of code are not crashing, and a bunch of service providers decided to do their job correctly at the same time; it fails because whatever, because it's tuesday.

The elderly aren't becoming senile. They're just ordinary users, scratching their heads at how stupid we made everything.


So you're saying that TV back then was better than it is now?

Better climb up on your roof and adjust that antenna, things are getting a bit fuzzy.
 
2012-06-28 01:21:50 PM

baufan2005: I have a question. My grandmother wants to sell her house but no one is buying. She already lives in a community so the house is just sitting there. Could she make money of a reverse mortgage if she has no mortgage? What if she took out another mortgage then reversed it?


A reverse mortgage is one in which the home owner owns his home outright. The bank will loan the owner some or all of the equity for an interest in the property to be conveyed by the owner's estate. That is to say, the bank give them money now and then takes either complete possession of the property or gets a share of the sale price after the owner dies.

Your grandmother should consider hiring a property management agency to put the house on the rental market. Property management companies take a pretty big bite out of rental income, but for an elderly person, who doesn't want to act as a landlord, it is an option for some rental income. Sure beats the house sitting vacant.
 
2012-06-28 01:24:14 PM

cmb53208: Smelly Pirate Hooker: Is there anything the elderly aren't confused by?
."

They're confused by things like traffic signals, cell phones, and traffic signs. So I think it's safe to say they're confused by anything that doesn't involve them screaming to Congress for more free shiat while at the same time stopping "socialism."


Ooo la la. How YOU doin?

;)
 
2012-06-28 01:24:45 PM

Diogenes: Wyckyd Sceptre: And anyway, weren't reverse mortgages specifically created to confuse old people out of their money?

No, but they are being used for that.

My mom worked with Gram to get her into one. But only after tons of research. The community for which they're beneficial is alot smaller than they make it out to be. It's no magic solution.

And mom knows what she's doing. The problem is she couldn't get Gram to take a lager allowance, so she still doesn't have adequate income. "I want to leave something to you guys." Her sentiment is interfering with her sense.

Her house is over 100 years old and isn't worth the property it's on. No one in the family wants it once she dies. And no one in the family really needs the money. So it makes no sense to keep dropping her money when she could be taking a larger share from the reverse mortgage.

We want her to be comfortable and be able to afford to do the things she'd like to do at 85. We're not interested in a legacy or inheritance.


I think you meant larger allowance instead of lager, although your way would be much better.
 
2012-06-28 01:24:52 PM

whither_apophis: The elderly = wise harkens back to an age where elderly = 45 ~ 50.


Not necessarily. Remember, life expectancy was an average, so a lot of infant deaths will brings things down dramatically. If you survived childhood diseases and young adult aggression in the past, then there was a good chance of you living to 70 or 80. There's a theory that the reason humans live so much longer than our size would dictate is because having elderly people gives our cultures an informational buffer for 100-year events.
 
2012-06-28 01:26:35 PM

EyeballKid: Cewley: Piece of shiat, Nixon-apologist, and B actor Fred Thompson now is pushing this shiat in an add that is made to look like something from AARP. It's OK to fark over Grandma if there's a profit to be made.

I saw a Robert Wagner reverse mortgage ad and thought, "If you can't trust a guy who probably got away with murdering Natalie Wood, whom can you trust?"

Then, hours later, I saw Henry Winkler pimping reverse mortgages. How sad to be hired for playing Arthur Fonzarelli and proceed to act like Barry Zuckercorn.

Yes, these were both on a TV channel that shows reruns from the 50s and 60s, why do you ask?


You could have waited a little bit to see another ad for the same product being pimped by ex-presidential candidate Fred Thompson. Now that's where you can lay your trusticles...
 
2012-06-28 01:29:49 PM

Alexander Mouse: I think you meant larger allowance instead of lager, although your way would be much better.


Gram really drinks at all anymore. But if she did, she'd probably want a Margarita allowance. Rocks, no salt.
 
2012-06-28 01:30:02 PM
And why are you still on my lawn?
 
2012-06-28 01:30:25 PM

Diogenes: Gram really rarely drinks at all anymore.


WTF is wrong with me today?
 
2012-06-28 01:31:09 PM

Diogenes: Diogenes: Gram really rarely drinks at all anymore.

WTF is wrong with me today?


Too many margaritas, rocks, no salt?
 
2012-06-28 01:31:49 PM

JackieRabbit: baufan2005: I have a question. My grandmother wants to sell her house but no one is buying. She already lives in a community so the house is just sitting there. Could she make money of a reverse mortgage if she has no mortgage? What if she took out another mortgage then reversed it?

A reverse mortgage is one in which the home owner owns his home outright. The bank will loan the owner some or all of the equity for an interest in the property to be conveyed by the owner's estate. That is to say, the bank give them money now and then takes either complete possession of the property or gets a share of the sale price after the owner dies.

Your grandmother should consider hiring a property management agency to put the house on the rental market. Property management companies take a pretty big bite out of rental income, but for an elderly person, who doesn't want to act as a landlord, it is an option for some rental income. Sure beats the house sitting vacant.


The house is in great shape, lets just say that since she moved in forty years ago a certain ethnic group took over the neighborhood and now no one wants to move in.
 
2012-06-28 01:31:54 PM

theorellior: Diogenes: Diogenes: Gram really rarely drinks at all anymore.

WTF is wrong with me today?

Too many margaritas, rocks, no salt?


I wish.

And I like salt.
 
2012-06-28 01:32:33 PM

MBooda: And why are you still on my the bank's lawn?

 
2012-06-28 01:39:05 PM

baufan2005: JackieRabbit: baufan2005: I have a question. My grandmother wants to sell her house but no one is buying. She already lives in a community so the house is just sitting there. Could she make money of a reverse mortgage if she has no mortgage? What if she took out another mortgage then reversed it?

A reverse mortgage is one in which the home owner owns his home outright. The bank will loan the owner some or all of the equity for an interest in the property to be conveyed by the owner's estate. That is to say, the bank give them money now and then takes either complete possession of the property or gets a share of the sale price after the owner dies.

Your grandmother should consider hiring a property management agency to put the house on the rental market. Property management companies take a pretty big bite out of rental income, but for an elderly person, who doesn't want to act as a landlord, it is an option for some rental income. Sure beats the house sitting vacant.

The house is in great shape, lets just say that since she moved in forty years ago a certain ethnic group took over the neighborhood and now no one wants to move in.


Except members of a certain ethnic group.... This happened to my father. There's little he can do at his 83 years of age, but the neighbors so far leave him alone.
 
2012-06-28 01:48:18 PM

Mr. Breeze: So you're saying that TV back then was better than it is now?

That's a no-brainer: of course TV was better back then.

It worked, it was free, there were enough shows on 7 channels to keep you entertained, and you got up to watch Saturday Morning Cartoons. Now you pay gonzo megabux for 100 channels that's mostly reruns of Nostradamus 2012: The Mayan Prophesy, and the national geographic documentaries have been replaced with shows about redecorating your house. The cartoons have become a faint buzzing that runs 24 hours a day: more content, but no joy that comes from scarcity.

Better climb up on your roof and adjust that antenna, things are getting a bit fuzzy.

Thing is, I don't remember ever having to do this. Maybe I hit my head and forgot it all.

I do remember constantly resetting my farking router, rebooting my modem, rebooting my Wii, updating Flash, trying different browsers, getting a dude on the phone to admit that there's an outage and deciding to read a book because watching TV was impossible. In 1985, you could have a power outage across the entire west suburbs and you could still watch TV with a set of 'D' batteries.
 
2012-06-28 01:53:57 PM

baufan2005: The house is in great shape, lets just say that since she moved in forty years ago a certain ethnic group took over the neighborhood and now no one wants to move in.


Not much you can do when Eskimos move in.
 
2012-06-28 02:01:30 PM

Big Beef Burrito: baufan2005: The house is in great shape, lets just say that since she moved in forty years ago a certain ethnic group took over the neighborhood and now no one wants to move in.

Not much you can do when Eskimos move in.


Or those attractive and successful Hmong.
 
2012-06-28 02:13:19 PM

Xcott: Mr. Breeze: So you're saying that TV back then was better than it is now?

That's a no-brainer: of course TV was better back then.

It worked, it was free, there were enough shows on 7 channels to keep you entertained, and you got up to watch Saturday Morning Cartoons. Now you pay gonzo megabux for 100 channels that's mostly reruns of Nostradamus 2012: The Mayan Prophesy, and the national geographic documentaries have been replaced with shows about redecorating your house. The cartoons have become a faint buzzing that runs 24 hours a day: more content, but no joy that comes from scarcity.

Better climb up on your roof and adjust that antenna, things are getting a bit fuzzy.

Thing is, I don't remember ever having to do this. Maybe I hit my head and forgot it all.

I do remember constantly resetting my farking router, rebooting my modem, rebooting my Wii, updating Flash, trying different browsers, getting a dude on the phone to admit that there's an outage and deciding to read a book because watching TV was impossible. In 1985, you could have a power outage across the entire west suburbs and you could still watch TV with a set of 'D' batteries.


If you're having that many problems, then you're doing something wrong.

Nobody says you have to have all that stuff. You can get a simple antenna and plug it into your TV to get channels that are much higher quality then back then. No cable/satellite company required. You choose to overcomplicate it and you choose to be an asshole about it.
 
2012-06-28 02:14:15 PM
The headline is misleading.

The article is poorly written/edited.

First of all, no scenario or anecdote in the article supports the headline.
Secondly, the main point of the article seems to be that persons YOUNGER than "seniors" are the ones who are misusing reverse mortgages. If that's from "confusion," that connection is not stated.
If some of those who are misusing reverse mortgages happen to BE seniors, the article doesn't state they're confused, either.

My parents got a reverse mortgage after I assured them I had no sentimental desire to live in my childhood home after they had gone on to their afterlifey reward.
 
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