CLF loans
CLF loan menu

APPLY NOW

CLEAR ALL YOUR DEBT WITH A LOWER RATE - FREE INSTANT CONSULTATION

Reverse Mortgages For the Elderly

I see these commercials on television with old television and movie stars who are flogging reverse mortgages for elderly people (the retired and perhaps the desperate). It really makes my stomach turn when I see people like Robert Wagner pushing reverse mortgages on retired people who are desperate for some extra cash, when Mr. Wagner full well knows that this is just another bank trying to get a piece of some old person’s house.

Oh sure, I know what you are going to tell me – that this type of lending product is a value to the elderly because they won’t be around that long anyways, and they may as well enjoy themselves now while they’re still alive to enjoy some of their hard earned equity. When you put it in terms like this, it makes my argument sound a little bit ridiculous doesn’t it, but when banks use “trusted” celebrities to flog their financial products it seems to be predatory.

So if you can tell me in the comments section below why reverse mortgages are a really good thing for old people who have nothing left but the equity in their house, please do so. I would like to hear some of the different opinions about reverse mortgages, and maybe some reviews and some real world examples that may prove me wrong or prove me right.