“Reverse Mortgages Not Good for Everyone”

By
Real Estate Mortgage Broker with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Reverse Mortgages Not Good for Everyone”

 

Earlier this week I received a call from a previous client, previous like 20 years ago. Anthony is not 81 years young. He told me that he had been solicited regarding doing a reverse mortgage. He told me that he is always seeing some actor talking about how wonderful doing this mortgage would be and the young man that called told me, that is what I should do.

 

Anthony, let me ask you a couple of questions.

 

 

1.  Do you still have a mortgage balance?

Answer: No

2.  Do receive enough income between social security and pension to handle all obligations?

Answer: Yes, without a problem

3.  Do you need money for any other reason?

Answer: No

 

Anthony said, I’m glad I called you Joe, this wouldn’t be a good idea for me and to think he almost had me convinced.

 Reverse mortgage

A reverse mortgage is not a good idea for everyone, it's aggravating when I hear folks like Anthony being solicited and talked into doing something foolish. I understand about making a living, I don’t begrudge anyone from making a living, but this kind of stuff is a crime. 

image courtesy of stuart miles/freedigitalphotos.net

Posted by

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tshirt to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Mortgage / Finance
Location:
Connecticut
Groups:
Connecticut Professionals
Consumer Mortgage Tips
All About Mortgages/Mortgage Networking
Tags:
consultation
mortgage balance
refinance
mortgage options
reverse mortgage

Comments 35 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
435,828
Paul McFadden
Mortgage Loan Officer, Bellevue Washington Home Lo
Alaska USA Federal Credit Union

Joe: Thank you. Honesty in our business and in life is pararmount. Reverse mortgages can solve a porblem but your client didn't have one. Thanks again!

December 01, 2013 08:34 AM
Rainer
341,736
Bill Reddington
Destin Florida Real Estate
Re/max Southern Realty

One of my goals is to get rid of my mortgage. Have 3 years to go. Think I am not moving. Will go toes up here.

December 01, 2013 10:12 AM
Rainmaker
190,998
Eric Boucher
The FHA Condo Approval Guy
ReadySetLoan Condo Team LLC

Anthony is very fortunate to have kept your number and called you.  Your clients can always count on you for honest advice.

December 02, 2013 03:30 AM
Rainmaker
509,037
Ed & Tracy Oliva
Arizona Agents
West USA Realty - Arizona

Good Morning and this is some great advice,  keep up the great work and good luck with your business,  E

December 02, 2013 03:57 AM
Ambassador
784,899
Bob Crane
Forestland Experts! 715-204-9663
Woodland Management Service

I cringe at all the adds that I see that are clearly designed to pull money out of our older citizens, thanks for taking the time to help this fellow see the big picture.

December 02, 2013 02:03 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
778,385

Joe Petrowsky

Your Mortgage Consultant for Life
What mortgage questions can I answer for you
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: