Black People Screwed Again by U.S. Government

[boxcar]

Most of us know that a disproportionate number of black babies are aborted every year. But what most of us might not know is that the mortgage product known as a Reverse Mortgage, which was allegedly designed to help improve the lifestyles of the poor senior homeowners, is severely backfiring on black seniors. Most foreclosures on this product are occurring with black seniors.

Just as an aside, Obama was apparently a big fan of this product. Why am I not surprised that this math-challenged, business sense-deprived meathead would be?

https://www.yahoo.com/finance/news/s...100319361.html

[AndyC]

Originally Posted by boxcar

Most of us know that a disproportionate number of black babies are aborted every year. But what most of us might not know is that the mortgage product known as a Reverse Mortgage, which was allegedly designed to help improve the lifestyles of the poor senior homeowners, is severely backfiring on black seniors. Most foreclosures on this product are occurring with black seniors.

Just as an aside, Obama was apparently a big fan of this product. Why am I not surprised that this math-challenged, business sense-deprived meathead would be?

https://www.yahoo.com/finance/news/s...100319361.html

What am I missing? If you don't pay your property taxes and in some cases your insurance you will be foreclosed on regardless of whether or not a reverse mortgage is involved.

Reverse mortgages for the most part help many seniors stay in their homes. No monthly mortgage payments for the rest of their life (in the home), just keep paying the prop taxes and insurance. Sounds like a real scam, huh?

The only issue I have ever had with reverse mortgages has been the high loan acquisition costs. Even those costs have come down and can vary by lender and location. Most fees can be rolled into the loan whereby no out-of-pocket funds will be needed.

[barahona44]

Reverse mortgages were introduced in February 1988 when Ronald Reagan (I can't quite remember- wasn't he a Republican?) signed the Home Equity Conversion Mortgage act into law.The way reverse mortgages work is that insurance and taxes have to be paid by the home owner;if not foreclosure can occur.

What does Obama have to do with this?He's not president.Trump is.Therefore it's Trump's fault.

It's happening on his watch.

[thaskalos]

Originally Posted by barahona44

Reverse mortgages were introduced in February 1988 when Ronald Reagan (I can't quite remember- wasn't he a Republican?) signed the Home Equity Conversion Mortgage act into law.The way reverse mortgages work is that insurance and taxes have to be paid by the home owner;if not foreclosure can occur.

What does Obama have to do with this?He's not president.Trump is.Therefore it's Trump's fault.

It's happening on his watch.

Are you trying to confuse Boxcar with the FACTS? Bad idea...IMO. It's best to let him enjoy the comfort of his dream-world.

[TJDave]

It would be interesting to poll the mortgage lenders in question to see if they were democrats or republicans.

[NorCalGreg]

Unbelievable!...Someone dangles a check for 50 or 100K in your face, says it's yours as long as you make tax and insurance payments--like you've been doing--and continue to live in the house (with no mortgage payments, if you had any) and you gladly sign it off and take the money.

Then "forget" to pay your taxes, etc...and somehow this is whitey's fault? Many didn't consult their grown children--didn't even tell them about it.

Anyone would have-and did- face the same consequences, white or black.

[boxcar]

Originally Posted by barahona44

Reverse mortgages were introduced in February 1988 when Ronald Reagan (I can't quite remember- wasn't he a Republican?) signed the Home Equity Conversion Mortgage act into law.The way reverse mortgages work is that insurance and taxes have to be paid by the home owner;if not foreclosure can occur.

What does Obama have to do with this?He's not president.Trump is.Therefore it's Trump's fault.

It's happening on his watch.

Revise history much? Reverse Mortgages came on the scene in the early 60s during the John F. Kennedy administration.

For your further info, the Dimwits retained a clear majority in the House, despite losing a bunch of seats in the 1960 election, and the dimwits also held a huge majority in the senate.

https://www.americanadvisorsgroup.co...verse-mortgage

As far as Obama, he empowered HUD to do much with respect to the RM.

[boxcar]

Originally Posted by thaskalos

Are you trying to confuse Boxcar with the FACTS? Bad idea...IMO. It's best to let him enjoy the comfort of his dream-world.

You're another one estranged from facts.

[AndyC]

Originally Posted by boxcar

Revise history much? Reverse Mortgages came on the scene in the early 60s during the John F. Kennedy administration.

For your further info, the Dimwits retained a clear majority in the House, despite losing a bunch of seats in the 1960 election, and the dimwits also held a huge majority in the senate.

https://www.americanadvisorsgroup.co...verse-mortgage

As far as Obama, he empowered HUD to do much with respect to the RM.

Are you implying that the government was involved in the earliest reverse mortgages?

[boxcar]

Originally Posted by AndyC

What am I missing? If you don't pay your property taxes and in some cases your insurance you will be foreclosed on regardless of whether or not a reverse mortgage is involved.

Reverse mortgages for the most part help many seniors stay in their homes. No monthly mortgage payments for the rest of their life (in the home), just keep paying the prop taxes and insurance. Sounds like a real scam, huh?

The only issue I have ever had with reverse mortgages has been the high loan acquisition costs. Even those costs have come down and can vary by lender and location. Most fees can be rolled into the loan whereby no out-of-pocket funds will be needed.

What you're missing is that RMs are really bad products!

https://www.businessinsider.com/reve...ad-idea-2018-4

The product is designed to dupe the uneducated or undereducated in our society. Banks and lenders con people with the sizzle, never revealing all the bad sides.

[AndyC]

Originally Posted by boxcar

What you're missing is that RMs are really bad products!

https://www.businessinsider.com/reve...ad-idea-2018-4

The product is designed to dupe the uneducated or undereducated in our society. Banks and lenders con people with the sizzle, never revealing all the bad sides.

For some people they are bad products for others it's a God-send. Clearly you are of the opinion that people shouldn't be allowed to make their own decisions.

There are not a lot of moving parts to an RM, they are not complicated to understand. People who get them are not victims.

[thaskalos]

Originally Posted by boxcar

You're another one estranged from facts.

You've phrased your initial post here in a way which suggests that a reverse mortgage is a terrible idea which deserves no governmental support...when the truth is that a reverse mortgage has many advantages for seniors...as well as some disadvantages, especially if the accrued pay-outs are handled irresponsibly by the homeowner. If your opinion differs, then state your case clearly...instead of relying on an article which features people who couldn't comply with reasonable and clearly-stated obligations.

[boxcar]

Originally Posted by thaskalos

You've phrased your initial post here in a way which suggests that a reverse mortgage is a terrible idea which deserves no governmental support...when the truth is that a reverse mortgage has many advantages for seniors...as well as some disadvantages, especially if the accrued pay-outs are handled irresponsibly by the homeowner. If your opinion differs, then state your case clearly...instead of relying on an article which features people who couldn't comply with reasonable and clearly-stated obligations.

For most people, it is a bad idea. Read the link I posted which states the reasons why.

[AndyC]

Originally Posted by boxcar

What you're missing is that RMs are really bad products! .......

Let's analyze what happens with a RM.

1. Do they deplete available cash? No.
2. Do they increase monthly expenses? No.
3. Do they cause people to miss their property tax and insurance payments? No.

In short, there is absolutely no financial hardship that directly results from receiving a reverse mortgage. In fact, many RMs roll-up current mortgages into the RM so that current mortgage payments are no longer required by the borrower.

At what cost does everything happen for the borrower? It will cost high loan fees which will be paid from the loan proceeds and it will cost the borrower's heirs the equity that is being used up by the loan.

[boxcar]

Originally Posted by AndyC

For some people they are bad products for others it's a God-send. Clearly you are of the opinion that people shouldn't be allowed to make their own decisions.

There are not a lot of moving parts to an RM, they are not complicated to understand. People who get them are not victims.

No, actually, I'm of the opinion that the U.S. government should look out for the public's interest and warn the public about all the potential pitfalls. I mean...isn't this what government is supposed to be doing: Looking out for the welfare of the People? Isn't that what the government warning on tobacco products is all about?