I Just Saw Robert Wagner Pitching a Reverse Mortgage By the "senior Lending Network, I See this as a Scam.

Question

Am I Mistaken? Does anyone Have Experience With These people? From their Website, I was Unable to Determine anything Substitive, Perhaps I Missed it.

Answer 1

That thing had me baffled also, I read the fine print, and the finer print that was after the really small print and could not see one paragraph that a normal human could understand. Far as I can make out, you sell them your house and land, and they give you chump change, then after your dead they take over. Or your relatives have to pay some idiotic % and fees and junk.
Its a good scam, I gotta admit. Its almost as good as the I can give you the secret on how to cut your golf par in half. GARUNTEED!
Play every other hole.

Answer 2

Here's how it works: Senior Lending Network is a subsidiary of a decent size long island, ny lender. They hired Robert Wagner to pitch reverse mortgages. If folks call them, if it is a state they handle (northeast) they may or may not handle the loan themselves. If it is another state, they essentially sell your information to another reverse mortgage lender. There is nothing magically or golden about a lender being part of the "Senior Lending Network" - it merely means they buy leads from this company. With reverse mortgages - all that matters is the lender is HUD approved, has a track record and treats customers with decency and respect. ( More or less same as any lending business)

Here's the skinny on reverse mortgages - they are an incredibly innovative and useful financing option - IN THE RIGHT SITUATION. What is the right situation? You need trusted people to tell you.

My website is http://www.reversemortgagepage.com. We're a lender directory and reverse mortgage information source.

Answer 3

PhoneDetective is a caller ID application that covers landline numbers, cell phones, and business lines in the United States. Check here ( http://reversephones.info ) The way it works is simple: Step 1: Enter a phone number into the search box (you can begin a search here) Step 2: Preview your results (basic information about the number, such as city/state) Step 3: Pay to view full results (name and address of owner, if available). There are many reasons why you might want to conduct a reverse phone search: 1- Find out the source of a harassing ("prank") caller. 2- Research a number that appeared on your phone bill. 3- Locate an old friend from high school or college 4- Research "missed calls" on your caller ID that you don't recognize. 5- Verify an address. -6 And more... This is the link for Reverse Phone Lookup / Cell Phone Number Search ( http://reversephones.info )

Answer 4

Reverse mortgages aren't really a scam, but I don't think they're great ideas for most people. On the other hand, for someone who doesn't have any heirs, has a lot of equity in their house, and needs more current income in their waning years, it can be beneficial. The idea is that they eat through the equity in their house to use to pay living expenses. In reality, it's not much worse than the countless younger folks now taking out 2nd and 3rd mortgages that they'll never be able to pay off.

Answer 5

it's not a scam as much as it's desperation or 'I don't care' for older people in debt. They in effect pay off your mortgage for you, allow you to live in your house (which is actually..their house now), and use equity to pay bills. It's similar, in its own way to viatication of insurance companies; they pay you your life insurance while you're still alive, so when you croak, they get all of it.

The only difference is that when the older people croak after having gone into these 'reverse mortgages' families do have an option of buying the property at a ridiculous (oooh, Im sorry, I meant 'acceptable') rate which most just can't. So the reverse mortgage company puts the house back on the market.

I think its horrible.

Answer 6

I have no dealings with this lender but I do know the "reverse mortgage" is a financial option for people. It is NOT a good one in my opinion but it is an option none the less.

If an elderly person has no family or friends that they would like to leave their home to then the reverse mortgage might be for them. I have met no one who would benefit from this type of mortgage personally except the mortgage company itself. Everyone I know would rather give their assets to their children or a church.

I will never be doing business with this type of financial option. It simply makes no sense unless you have no one and want to give no one anything upon your death.