Posted by John T on July 25, 2013 at 04:46:23 from (216.249.76.176):
In Reply to: OT Rant. posted by LOU from Wi. on July 24, 2013 at 23:48:39:
As an attorney who practices some in estate planning and settlement, I also get a kick out of the reverse mortgage advertisements. Of course, thay arent pitched for the simple product they are, the customer is taking out a loan paid to them in monthly installments secured by mortgaging their home, which in most cases, they worked all their life to just finally get paid off. In my opinion, when people are at or beyond retirement age that is NOT the time to be taking on debt. Of course, tragedies or financial hardship would be an exception, for example if my family actually needed help and I had to give up all I owned thats prefectly understandable SO THERE ARE CASES WHERE A MORTGAGE MIGHT BE IN ORDER. But it DOES NOT have to come from a TV pitched Reverse Mortgage provider!!!!!! Sorry Fred Thompson and the Fonz lol
Another thing that raises my eyebrow is when "salesmen" come into town and offer a free lunch at the Holiday Inn to provide free information regarding establishment and all the wonderful benefits of a Living Trust to "avoid costly probate" and if one is sold they receive a nice "free" leather binder. I tell my clients If they want a trust I will prepare one for them at a much lower cost BUT THEY DONT GET THE FREE LUNCH AND LEATHER BINDER LOL
I have prepered estate plans AND NO TWO HAVE BEEN THE SAME. Whats perfect for Billy Bob may be JUST THE OPPOSITE for Bubba. There are other methods to avoid probate other then the trust route, and all in all "probate" is not all that expensive or cumbersome (and in many cases NONE is even needed at all) if the client has done as I advise them. LIKEWISE there are cases where a trust is justified IT DEPENDS ON THE CIRCUMSTANCES, no two are alike, and again whats perfect for one client isnt so for another. But if a person wants one cuz their brother in law said so or someone here tells them to, THATS THEOR OWN BUSINESS AND FREE CHOICE there are plenty of providers out there glad to be of "service" (But Id demand that free lunch and leather binder lol)
Sooooooooo when it comes ro reverse mortgage and etstates my advice is to seel local trained competent professional advice NOT DO WHAT THE UNTRAINED BUT KNOW IT ALL BILLY BOBS OF THE WORLD MIGHT SUGGEST ...........
Nuff said, if a person wants a Reverse Mortgage thats their business and their choice and NOT for anyone else to decide or judge as far as Im concerned.....
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