Reverse Mortgage Scams

There’s really no need for me to blog about reverse mortgage scams. Just click the picture above and watch the episode of Family Guy. This episode is very entertaining and very educational.

Seriously, when I first started hearing bankers talking up reverse mortgages over ten years ago, the accountant in me immediately concluded they were bullshit judging by the term alone and not knowing the first thing about them.  Turned out I was right…again.  Some years later one of my mom’s neighbors got locked out of their house in their 55-plus community because – you guessed it – a reverse mortgage.  I don’t know the details but I was honestly not surprised.

Decades of exposure, experience  and education in the accounting world taught me that reverse mortgage scams are the antithesis of building wealth.  The idea of parents intentionally spending down their nest egg playing the game of literally going for broke always rubbed me wrong. I was always taught to build wealth, enjoy it with my family and pass it on to my progeny when The CEO in the Sky decided it was time for me to retire from life and start the good times in the afterlife.

My feelings and innate financial acumen aside as well as years in the field of accounting, pay close attention to what the good folks over at Dave Ramsey’s organization has to say about reverse mortgages.  After you’ve done your research and gave it careful consideration you’ll see reverse mortgage scams for what they are; a predatory program that preys on unsuspecting people for profit.

If you think you MUST get a reverse mortgage because you see no other way, book a coaching session and I’ll show you another way or two or three out of your predicament.  When you and me are done you’ll be building your wealth instead of squandering it.