Reverse Mortgage

BQ: Any bad things about getting one?

consider a reverse mortgage instead of a arm. instead of forclosure next week, the broker who arrnged the loan gained her trust helped her with finacial advice taught her online banking, a fidicuary relationship with intent to mislead her into using all 450,000.00 for his gain, said if she let him take the money and put it in to his company with a prommisary note w/balloon payment,in return he will pay her 5.000. interest, which he did for awhile then skipped payments then made payments that then said loan payment on receipts, ( iy is interest only note) and now cant pay anything he lost it all says so sorry your first in line when economy is better. her mortgage payment has gone from appox 1,670.00 to 3,775.00 a month, by the way he made the note with no collateral, she was financialy stressed due to my fathers stroke which lefft him with aphasia, hes paralized on one side and can no longer speak, she is an elderly women who was under diress from all the medical bills, she assumed her agreement with him was a type of investment of her money, i said where is the portfolio of your investment and she said ill ask him,to find out it was a loan1 she let go of the a.m. caregiver, tomakeup the extra money needed for new amont on her loan myself and my boyfriend are doing the caregiving duties now, but with out the 5,000.00 she cant pay them at all. by advice of a new person advising her, she is not responding to letters and calls from bank and is 4 months behind. i think they want to short sale(thenew advisor) telling her there trying to find a way to help , and maybe they will say after sorry we tried, but nothing can be done, this guy say i fell for her situation and need no money to help her just like the broker did. sept 2 is when the forclosure begins, any advice on what shecan do, should she explain all this to bank, cant she live here untill death then they have the house, and we could go after the broker for that other situation. i feel talking to bank asap might help, please someone advise us. she has been hospitalized twice this month and have lost time to figure what to do, is an extention on the forclosure a maybe? thank you for any suggestions sincerely susan

Pay day loans.
Car title loans
Reverse mortgages.
Car leasing – unless you have a business
Variable or indexed annuities
Buying junk from infomercials

What else to add to my list?

I am currently being the victim of some very unethical things being done by Wells Fargo Home Mortgage, regarding a reverse mortgage. I know i’m not the only one, Wells Fargo has had quite a few major class action lawsuits, even this year, filed against them in reference to their reverse mortgages for very similar things (but not quite the same) as what they are doing to me.

I’m just an average joe, who’s never used an attorney. Been calling lots of real estate attorneys, but no luck, nobody seems to want to sue such a large company. How do I go about finding an attorney who does that sort of thing? And one that an average joe like me can afford, I mean I don’t have thousands and thousands of dollars sitting around. I know they exist somehow since wells fargo is being sued all the time.

I’m looking for celebrities, either actors, musicians, or other television and radio personalities who have actually gotten a reverse mortgage (not just someone who endorses one on TV).

My grandfather had taken out a Reverse Mortgage on our home a year ago. Myself, my sister and our father all live in this house. How will this affect us when my grandfather passes away? Will we still be able to inherit the house if it is in his Will?

There are 3 of us kids, and my older brother is the executor.

My mom did a reverse mortgage a few years before her death. My brother managed her affairs when she became ill and had to go into a nursing home, and he paid some of her expenses out of pocket during times when it was easier and faster to do that than to sort thru red tape.

My younger brother and I are fine with our older brother being made whole. But here is where it gets really sticky:

There is a house. Of course, the reverse mortgage co. has legal claim on the house. It has been explained to me that with the terms of the RM, they would have to be reimbursed what had been paid out in order for us to take the house back and sell it. None of us has ,000.00, either together, or separately, to do this. The house has just sat since Mom’s death. We’ve all taken the things we wanted or were entitled to as far as the stuff in there goes. Older bro has had it looked at by a few people who all say that to get it in really sellable condition would take k. It does need updates, but a private buyer could certainly live in it and work on it to rehab it – of course it would sell at a drastically lowered price. The most likely thing that will happen if nothing changes is that it will be taken over by the RM co and sold, and we’ll see no $ from it.

My brother wants nothing to do with sorting out things with the RM co, and now taxes are in arrears. I do not have a comfortable relationship with him such that I feel confident in asking for an accounting of the expenditures and to have the matter of the property settled. He will get upset and rude and claim it is too much work, and offended that I would ask for that from him.

So do I let go and leave it alone? My husband thinks I’m being weak to leave it be. IF there were any cash to be realized out of settling things out and eventually selling the house, it would only amount to k or less. I really do not think my brother had any huge benefit from being the executor, and I KNOW it was a huge emotionally taxing disruption to his life to do all the things he did to take care of things for Mom. I’d like to see it all settled out, but I can’t really press the issue. So, do I just walk away?

I live 4 hours away, and my other brother lives an hour away and is so tied up he is not interested in pursuing the matter. Once you bring a lawyer into a family matter it changes things, and it costs $$.

I know there are crooks in ever thing involving money but are there some thats on the up and up?
What is the monthly fees for—so its not that they pay you money for your home and when you no longer live there the house is thiers-I thought all I paid was the taxes and insurance!!!!!""""NO""""????

I have a 0k loan and at least 0k equity. Tried to lower payments through a loan mod, was advised by co. to stop payments. Followed their advice & got into a worse situation. It’s w/BofA original payment 00 is now 00. All bank did was tack arrears to mortgage so it’s like I started over. Now bad credit 670 & 655 because we were behind. We don’t want to sell the home or move. Got turned down for a reverse mortgage, BofA will not allow another loan mod or refi. Any other savvy options or suggestions? Help!

Which is best? Or can I get a loan to pay hers off?