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Reverse mortgages
Ive had more than a few family members go this route. The combination of recently a having friend get a inheritance and then a week later getting a call from a relative (not my mother or father) asking for $2000 to help purchase a roof! Got me thinking about how crazy it is to let elderly people make decisions like this. This house is owned by a reverse mortgage company! Now we have to put a roof on it? Asap!! If you go into this persons house they have wall to wall junk from mail order TV BS. I have 4 family members that have done this in the past 10 years. One of which is kinda a scumbag. The 3 children paid all the utilities plus incidentals for years and only after death was it discovered nothing was left.. Say what you will about entitlement but the 3 kids probably forked out 100k over 20 years!! Old people have POOR judgement. Because they have poor judgment they get taken advantage of by these mortgage company's. The ones Ive seen still need assistance from the children even with a reverse mortgage.
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The Pragmatist
Last edited by tonypeoni; 02-08-2013 at 08:21 PM..
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