> Isn’t this where a reverse mortgage, like the one he is a spokesperson for, comes in? <
Ha, good one. You of course lose equity when taking out a reverse mortgage. Plus the loan comes due when pass away or leave your house. “Leave your house” could be for as little as 30 days. So let’s say you’re hospitalized for an extended period of time, more than a month.
When you return home, you’ll find a letter demanding the loan be repaid. Seniors who don’t have the ready cash are often forced to sell their homes. It has happened.
Maybe Tom doesn’t want to take that chance.
When you return home, you’ll find a letter demanding the loan be repaid. Seniors who don’t have the ready cash are often forced to sell their homes. It has happened.
Absolute pure, unadulterated bullshit.
That statement is as dumb as anything that biden has ever said.
I will bet you TWO HUNDRED DOLLARS, to be paid to FR that you cannot provide a single documented piece of evidence that a person that was in the hospital for six weeks {that is more than a month} ever were forced to sell their homes.
You don't even have the slightest concept of how the reverse mortgage works.
The mortgage company pays the individual a monthly amount for the length of the mortgage, even if you are in the hospital.
There are stipulations, you must pay the taxes and the insurance and keep the house in good repair.
I have had a reverse mortgage for over 10 years, the checks come in every month {no taxes on the money} and they pay even when I'm at my son's lake house for two months in the summer.
Take the bet. It has NEVER happened.
A friend of mine’s mother and father in laws passed away.around 2 years ago. They had a reverse mortgage. One of my friends siblings and their spouse moved in to look after his mother in law. The Siblings never notified HUD that the parents are deceased and claimed to be executors with out filing paper work with the court. Every thing f value crept the house is gone. Taxes are piling up and they refuse to leave the house. As executors of the Estate they need to evict the relatives so the house can be sold. Crazy huh