Robert Jackme Blog

You probably want reverse mortgages explained in a clear straightforward way.  The loans can seem incredibly confusing and many retirees have had slightly negative views about them. However, popular opinion is swinging and reverse mortgages may turn out to be the red wine of financial products — something once considered bad that is now thought to be very beneficial. Not too long ago, people thought that drinking wine was an unhealthy habit. Research now shows that red wine, consumed in moderation, can have huge health benefits for many — though not all — people. Reverse mortgages are similar. They were once considered to be a bad deal for borrowers, but recent updates to regulations have made reverse mortgages a really compelling way to help retirees pay for retirement and safeguard retirement assets. A reverse mortgage is a loan that lets the borrower access home equity to spend in any way they want.  While it is a loan, there are no monthly payments, so it can dra...

The FBI and the U.S. Department of Housing and Urban Development Office of Inspector General (HUD-OIG) urge clients, in particular senior citizens, to be vigilant when seeking reverse mortgage products. Reverse mortgages, additionally called home equity conversion mortgages (HECM), have expanded more than 1,300% among 1999 and 2008, creating huge possibilities for fraud perpetrators. Reverse mortgage scams are engineered by using unscrupulous specialists in a mess of real estate, financial services, and related agencies to steal the equity from the property of unsuspecting senior citizens or to apply these seniors to unwittingly aid the fraudsters in stealing equity from a flipped property. In some of the mentioned scams, victim seniors are provided free homes, investment opportunities, and foreclosure or refinance help. They're extensively utilized as straw shoppers in property flipping scams. Seniors are often centered via local churches and investment seminars, in addition ...