Tom Selleck is selling.........
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Back in Time
Well-Known Member
I thought the same thing...One of my favorite actors selling a scam like reverse mortgage's.
clhyer
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Not always a scam...
That is correct. It should be viewed as a financial tool.
Depending upon the family/owner's situation it can be very useful. You are basically selling the home for the monthly payments and retaining a "life estate" in the property, with the first right of refusal to purchase the property back. Not for everyone.
C
That is correct. It should be viewed as a financial tool.
Depending upon the family/owner's situation it can be very useful. You are basically selling the home for the monthly payments and retaining a "life estate" in the property, with the first right of refusal to purchase the property back. Not for everyone.
C
It's like any other contract. Read what you sign.
fratzog lover
Well-Known Member
We saw that on ME TV. He is a likable, believeable guy for the target demographic.
wasn't Tom the guy in hot water in Ca. for stealing water from the country!? I love his westerns and the fact he chooses to represent them accurately pretty much, not just Hollywood.
if I see Winkler or Alex Trevec try to sell me some BS one more time I swear I will fuke on the friggin sofa! ha
if I see Winkler or Alex Trevec try to sell me some BS one more time I swear I will fuke on the friggin sofa! ha
moparmat2000
Well-Known Member
Its a freakin scam, just like when Quicken loans was advertising interest only mortgages years ago before the bottom fell out of the real estate market. I actually called them, and told them what they were doing was extremely deceptive to people who are financially inept. About 6 months after that phone call, the housing market crashed.
In a marriage at least 1 person has to be the fiscally responsible financial CEO. My wife and i have friends where both people are dummies when it comes to money and they are always having issues.
My wife is all too happy to let me handle it. Bills get payed, leftovers go into savings. This allows us to have a little surplus to draw on if we need it. In my mind its out of sight, out of mind.
But back to the original topic. Reverse mortgages may be good if you have no living relatives to will your property to, and if you dont have a pension, or a good sizable 401K to draw on. Social security has been pilfered badly so you cant count on that being around forever. However if you have family to will your property to , and a decent 401K or pension to live off of, then reverse mortgages make little sense.
In a marriage at least 1 person has to be the fiscally responsible financial CEO. My wife and i have friends where both people are dummies when it comes to money and they are always having issues.
My wife is all too happy to let me handle it. Bills get payed, leftovers go into savings. This allows us to have a little surplus to draw on if we need it. In my mind its out of sight, out of mind.
But back to the original topic. Reverse mortgages may be good if you have no living relatives to will your property to, and if you dont have a pension, or a good sizable 401K to draw on. Social security has been pilfered badly so you cant count on that being around forever. However if you have family to will your property to , and a decent 401K or pension to live off of, then reverse mortgages make little sense.
If you want or need more money in retirement than your savings/pension/IRA/401k provides and your house has value, then a reverse mortgage can make sense.
You don't owe an inheritance to your relatives - fine if you want to to leave it, but...(if) you worked for the money that paid for the house, you're certainly entitled to use it for yourself if you choose to.
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