Reverse Mortgages Are SCAMS!!! - Dave Ramsey Rant
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- Опубліковано 9 вер 2017
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My cousin, who is an accountant, mentioned my grandma, who died at 90 last year getting a reverse mortgage. I said absolutely not. She was bad with money to begin with, left my mom a whole mess to clean up, and a reverse mortgage would've just doubled the misery. I'm so glad we didn't go that route.
I agree. Even though I have a RM, grandma was not a viable candidate for a RM.
Carlton Sheets said, " a banker is a guy that loans you an umbrella when its sunny outside, and asks for it back when its raining."
I LOVE BANKS, THEY PAID ME MILLIONS :)
So true
This is so true! In that case I'm with Ramsey..id rather get my own umbrella
If these people can not meet their property tax obligations, they need to downgrade their homes. No loans were every going to help them.
Agree, they default on taxes the house will be gone with or without Reverse mortgage
In today’s housing market, downgrading their homes will be more expensive than staying in their current home.
Since prop 13 in California protects homeowners and keeps their property taxes to 1% of the original value of their home , it protects Homeowners from inflated home prices. So a downgraded home would likely be higher than their current home.
Do everything you can to save for retirement.
If you don’t need that much then you can retire early.
thats true every word you spoke,DAVE, my mom took out one of these loans and lost every thing when cancer took her from us, i tried to tell her she didnt listen,, be blessed and safe
There’s always somebody looking to take what little you have! Scammers , thieves , criminals
A lot of them got smart brains to be able to find a good paying jobs, but somehow, don't want to. Poor parents, genes and/or environment may be the cause.
From experience, he is so right about NationStar. They were trying to take my mother's house and will not accept any documents. Specifically, they said to submit a document to get a lower payment and the documents were never good enough. All were rejected and we received a different answer every time. We had to sell her home to get out of this mess. She is in good shape now. I would personally take heed to what this man is saying. But that is just my experience trying to help my mother out.
The government owns your house and if you don't think so........ stop paying your taxes and you'll find out real fast who really owns your home and it ain't you. The government will take your home at gun point (the local police) if necessary.
It is my personal opinion that once a person hits 65 years of age, they should no longer have to pay property tax on the home they are living in and they can only claim one place as their residence...... but that's just me.
I TOTALLY agree
Dam straight !
ooooor have no property taxes at all
im1who84u I don’t totally disagree with your opinion, but the elderly do use local services. In Texas I’m pretty sure property taxes are frozen at the amount they were when you turn 65. Obviously this prevents retirees from getting priced out of their homes as the house appreciates and taxes move higher. At least they can budget with more confidence.
66gtb Unfortunately, you’re wrong. Yes, the taxing county lowers your responsibility but it is not frozen. I turned 65 4 years ago and my county tax was lowered from about 2 thousand a year to about $710. Now, 4 years later it up over a thousand. School taxes of around $2000 a year were only lowered by about $200. They too have now risen. I’m still working but if I weren’t, these taxes would be my largest expense. $300 a month plus insurance. So much for a paid off house.
Tom Sellick says it’s a risk free deal !! Why would he lie to us ??? 😂
Because he's a paid actor that owns his properties and he couldn't care less about older people being put on the street...
The RV is safe these days due to changing laws. Many people are still talking about the old ones that are now outlawed. They are unaware that things have changed.
Do you really believe that?
If you owe taxes, the government will push the issue..
Why would Tom Sellick lie to us? Come on. How naive are you? He's not your son or grandson. He does whatever he needs to do to make money.
Sounds like they are losing their homes for not paying the property tax, which is a seperate issue completely and has nothing to do with the reverse mortgage itself.
I thought the same thing. Why is the mortgage company at fault because the owner did not pay their taxes and insurance.
@@daveschreiner1726They foreclose if they "determine" your roof isn't up to snuff. A 92 YO probably would have a tough time putting a 25,000 dollar roof on at the drop of a hat.
@@bailey9r Exactly! So when you have an amount you could draw from your RM
You can now take care of the roof.
@@bailey9r its the home owners responsibility to plan on what major repairs they will need in the next 30 years and be sure to budget for that...if you will need a new roof, you need to budget for that in the RM....if you can't afford the roof even with the RM, then you just need to sell.
Last year, my 65 year old friend took out a RM on her home of 35 years. She had about $40K in credit card debt accumulated over many years and was just barely able to afford the minimum payments along with her living expenses each month on her limited retirement income. She said no one would give her a loan or other debt remedy short of bankruptcy. She has no real family other than distant relatives, none of whom would want or need her home so what happens after her death is not particularly important to her. Her RM completely eliminated her CC debt and the exorbitant interest rates. Without that debt burden, she is now able to fully enjoy what income she gets each month and easily sets aside money for tax and insurance each year to satisfy her RM obligation. Before her RM, she was overwhelmed and in a very bad way. Now, whenever I talk with her, she always seems to mention how the RM has made the last year the happiest in a very long time and that it was the best thing she ever did.
This only works great for the first 5 years or so and then as costs increase, there is no way out.
She will not get money for life. She will likely go into credit card debt once costs increase and then she is toast.
Well while it sounds like it worked out for her, time will tell the true outcome.
I know someone that is losing their home due to reverse mortgage. She can't afford the taxes and can't sell the home because it is technically underwater from 20 years of reverse mortgage. She should have just moved in with friends 20 years ago. Sadly the stress of the situation has caused her health issues. I wish her well.
And that is a very typical reason why elderly people on fixed incomes can benefit from a RM. There are good and bad RM companies. Most all have a BBB rating and people should do their due diligence and check them out. Never do a RM via an 800# or online. If they can't answer all your questions beforehand, find one that can! As far as homeowner's insurance and taxes, whether you live in a condo or a home with or without a mortgage, you lose it if you don't pay property taxes regardless, and without insurance if it burns down or blows away in a storm you lose it too, RM or not!
You sound like the writer of the commercials .
@@schuncke .. and you sir, sound like the deflector of facts you cannot refute. Are RM’s for all seniors? Of course not. Are they the lifeline to sustainability many need (especially with Bidenomics raging) now? As long as Shelter, food, clothing, and medical care are necessities, yes they are
@@BrotherBurr you sound like that sucker that’s born every minute .
Just to clarify:
1. Homeowners risk foreclosure when they don't pay property taxes. This is true whether they have a forward mortgage, reverse mortgage, or no mortgage at all. The issue in the referenced article is not about the reverse mortgage; it is about tax default.
2. Foreclosure rates are naturally higher because of many factors - older homeowners are high risk for financial shocks, and the borrower profile between 2007 and 2013 included mostly "needs-based" borrowers who were high foreclosure risks. Loans generated since 2013 have much lower default rates.
3. Interest rates are naturally higher for non-recourse loans with no monthly repayment obligation. Current rates in the 4's are considered extremely low for this type of loan.
4. Until 2013, the reverse mortgage was primarily an asset-based loan; the borrower's ability to make payments was irrelevant. This is why credit underwriting wasn't required until tax defaults became an issue.
5. Since financial assessment was implemented, data shows a "T&I [tax and insurance] default rate of about 0.6%, and an overall serious default rate of 1.2%" (New View Advisors).
6. Scams show satisfaction ratings close to 0%, yet reverse mortgage borrowers generally report satisfied/highly satisfied at a rate approaching 90%. As such, using the term “scam” may be inappropriate.
Dan Hultquist IS qualified to comment on Reverse Mortgages; he wrote the book, "Understanding Reverse". Buy it; it's the gospel on RM.
Agreed...don't you like how everyone will spin the story to their philosophy and lie about the tax defaults. Ramsey looks so financially childish here. Why would anyone listen to him?
@@MyReverseMortgage that was very kind of you to say. Thank you.
It seems knowing when you will die is the gamble. If you get a RM and it pays you until you die you’re all set. The downside comes when you live after the payments stop coming.
@@sweetnsourlvr .. Dave is just set in his ways... This is a great option for many... A cant lose in most cases..
No body owns anything, we only lease it. Don,t believe me, just stop paying taxes or upkeep on your property. They will remove you from it!
I agree! Property taxes should be abolished
@@XFizzlepop-Berrytwist Why stop there?
@@XFizzlepop-Berrytwist They are criminal, and the thing is they can raise them to whatever they want to raise them, whenever they want to raise them, and you have no real say in it - pay or get kicked out of the property and that goes for whether you own the place, or have a mortgage on it or a RM on it!
I am 87 years old, own my own home, handle my own finance, and have no debts. My retirement income is more than my expense. My only complaint is that most of my property tax goes to fund the school district and I have no children.
I look at the school district portion of my property taxes as funding the education of future taxpayers.
@@robertjstrupp288 That is a fine way to look at it.
To me it’s all the mileages they vote for that benefit themselves or at least they think
In NY my school tax was cut in half when my wife turned 65. We had to apply for it. It’s the STAR program.
at least in NY state your property tax goes to shelter a bunch of illegals in school building so kids who are legalized citizens have-no class-no school
Well you can loose your home even if you own outright and don't pay property taxes !happened to my friends dad who had altimerze. You have to take into consideration seniors have health problems and forget about bills. Just remember you never really own your land thanks to tax!
ncy614
What's altimerze?
David B
* Alzheimer's
Oh that makes sense. Sorry to hear that, that is rough.
Lose, not loose. I'm sorry, but I can't stand seeing this 2nd grade spelling mistake on a daily basis.
if anyone with half a brain can represent him in court no judge is going to take a home for taxes because you have alzhiemers.
they let you get 2 years behind in taxes, a third in court and a fourth after it sells to pay the taxes.
but yes property taxes are evil and you should move to a state that doesnt have them if you are too stupid to invest enough to pay your land taxes each year.
Imagine owning your home and deciding to do this. All that smart down the drain
a key point - complexity. Complexity is the consumer's enemy, and a weapon for companies. Avoid complexity in everything you can because it puts you at a disadvantage and gives companies more places to play a shell game.
Dave so what you're saying is that this 92 year old lady should've took out a 15 year mortgage in 2008 which she would of been approx. 83 at that time ? If she cant pay her property taxes not having a mortgage payment , how is she going to be able to pay the taxes plus The mortgage payment ?
Manny Sedano he was saying she should of downsized and given herself the equity. No where in that is a mortgage.
@@ittakesavillage5461 why don't you go ahead and answer Manny's question? if she doesn't have any mortgage payments how the heck does not paying your taxes & ins the fault of the RM?
It sounds like a tax and insurance problem not a loan problem.
Taxes and insurance would have to be paid regardless. A regular mortgage doesn't pay taxes and insurance. If that's your only argument against reverse mortgage, then you are wrong
He's mentions hidden fees as well.
Could not agree more ...
You pay fees and interest on the borrowed (equity) amount too. Thats a stupid system.
Its just another way for bankers to lend money and get paid interests. SIMPLE
you could also lose the house under certain conditions - if the senior needs to leave to go into long term care - there are stipulations you need to fulfill before you can even get out of one of these- they can be extremely dangerous - esp. for their target audience which is usually older individuals.
@@TheTrevelyansway it's not hidden, it's in front of you over 10 times. It's in the 1st proposal, it's sent to the class and it keeps being sent to you until the loan closes. You'd have to completely close 10 times your eyes to not see it.
If you dont pay your taxes and insurance on a forward mortgage, you also lose your house. How does that indicate that a reverse mortgage is a "scam"?
Exactly. I mean, these people get this reverse mortgage which gives them cash for the equity they have in their homes. Why don't they first take some of that cash and set it aside for taxes and insurance? If they die and the reverse mortgage is not paid back, they just take
the house at that time. Since the person is dead at that point, they certainly no longer need
the house. This issue sounds more like personal mismanagement of funds.
I have seen this in home equity loans where people have second and third mortgages
on a house and then find they have borrowed too much and have no way
to pay it back. Many times, they spend the money foolishly on things
like expensive new cars and expensive trips. Real stupid...
Of course a better way to go is to do what most of my friends have. They
sold their big home and bought something both smaller and in an area where home prices
are lower since they no longer need to work and commute and
the kids are all grown up and moved out.
@@archangele1 Exactly
Agree. I like Ramsey, but he’s obviously misinformed about this.
Raymond Dunn Because you must maintain your home
Reverse mortgage is a scam it has high interest rates they have a bunch of tricks in small fine print so when you mess up you lose your home yeah just because you can lose your home by not paying your taxes once you're nowhere near what mortgage rates and rents are at 1% of the property value is your taxes the little harder to lose your house that way then with a reverse mortgage as long as you can lose your house with taxes who cares if there's five hundred different other ways if there's three hundred different vultures out there trying to steal a house from an old lady who cares she can lose it for not paying her taxes who cares if she loses it some other way so what if somebody walks in with a gun and shoots her right she just lost her house she cut a lost it by not paying the taxes anyway what do you work for the company are you reverse mortgage people
The problem is not the loans, it's the fact they are not paying their taxes and insurance. Dave, How do you not see this???
Why would they not pay their taxes & insurance is beyond me.
Yeah im thinking they would have defaulted either way.
@@cius2112 you can't be that dense. Don't defend this utter trash, find a new line of business that doesn't involve worsening the financial situation of a defenceless elderly person and their family. Do better.
A good guess: they didn't know that not having to pay a mortgage payment doesn't mean no tax and insurance payment. And/or, they're trying to get by on Social Security, which hasn't even remotely kept up with the cost of living and rising taxes.
@@cius2112 So that makes it ok to prey on them?
My aunt just lost her home to the reverse mortgage process, with this exact company. She got behind on her taxes which is what put her into foreclosure. It is opened my eyes, needless to say. She lived in this home 58 years.
Sounds like she could not afford to pay her taxes, which means she would have a tax foreclosure either way. But in her situation, she got hundreds of thousands of dollars from the lender (and did who knows what with it) and then still could not afford to pay her taxes. She was lucky she made it this far.
Yep, the moment you stop insuring or paying the taxes, the lawyers start the process to take the property. They want this for many reasons. #1 Some folks have been on the plan for 20+ years and the RM company is losing money on the deal. So they need to make money by invoking the clause here. #2 Make money on the fees and lawyers to do foreclosure sale.
This is so sad!
@@superchuck3259 Wrong again!
For God sakes, just pay her taxes then! Whether she owned the house outright or had a reverse mortgage, the outcome would be the same.
Get behind on your taxes WITHOUT a reverse mortage and see how long you keep your home! Same difference! Uncle Sam is going to get his claws into your property no matter what!
There should be steeper punishment for people that take advantage of our elderly.
Rhoades Traveled Being old doesn’t make you stupid and not liable for your mistakes, i’m sick of people using age as an excuse, if we are going to condemn the old to being mentally ill then we should force them to live in homes and be monitored 24/7 instead of roaming our streets
In a free society, people are free to make stupid decisions and take risks.
One day you will arrive there. People do take advantage of old people. They are not acting stupid. Lot of times they are hard of hearing and maybe do lack the judgment they used to have. They are so many scams out there now it is hard to keep up with the thing. Old people never had to face these things in their young days. In just a few days it seems we will all be there, if we live long enough, so maybe we should try to understand these precious old people of ours.
So leave the property free and clear to the lazy children? Only the stupid will lose to a reverse mortgage. First of all, we all need a life policy that may even the balance of the mortgage loan. How can the borrower not pay the taxes??? Reverse mortgage is for the prepared and smart. This loan is not for the stupid and lazy.
They are called congess
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@@bankstephen7241 Judith Ann peace is her name
Lookup with her name on the webpage.
It's unfortunate that this borrower ended up in this situation, and it's possible that the lender did not explain to her that she would need to pay the taxes and insurance herself using the monthly payments. Reverse mortgage are not scams and it seems that the ones that do "fail" are due to borrowers not completely understanding what they are responsible for. You also stated that VA loans were for deadbeats who didn't have the money for a down payment, yet they have the lowest foreclosure rate of ALL loan types. Stay in your lane Ramsey.
He's a swerving, WATCH OUT!!
Simple to prevent this from happening, if you get a reverse mortgage just have an escrow account set up to take out taxes and insurance automatically. And a financial assessment should be done before anyone considers a reverse mortgage. It's just common sense and part of being responsible as anyone would have to be with any type of mortgage.
It's a great idea and called LESA.
Ok cool but if you have kids you are screwing them over.
@@andrewplantgollum8689 no it's not "screwing them" the equity is your parents money not yours. If it helps them, then that's great. An inheritance should never be expected, it's not yours unless they decided to leave you something.
I help create the
RM hecn
FHl
Izzs
Dave, if you don't pay your property taxes on your home, you too will be foreclosed on. It has nothing to do with having a reverse mortgage or any mortgage for that matter.
Dave is aware of this. His point is RMs are a terrible deal--which is correct. Unpaid taxes are just one of many symptoms.
She couldn't pay the taxes because of her reverse mortgage loan payments! How do you not see this?
@@sidwhiting665 if that's true then he picked a terrible example.
@@bryanjacobs1423 There are NO loan payments on a reverse mortgage. You only pay what you would pay with or without the mortgage.
There are no reverse mortgage loan payments. How do you not see this? She couldn't pay the taxes because she didn't have the money--which was not a situation created by the reverse mortgage. In fact, the article Ramsey is quoting from says: "Rayford said she knew she was supposed to pay taxes but fell behind in 2013 following family financial troubles." Nothing about loan payments--of which there weren't any. She had taken cash out of her home: "Rayford . . . obtained a reverse mortgage in 2008 to pay off a $41,000 traditional mortgage and refinanced in 2011 to retire that loan and cover other expenses, receiving a one-time lump sum of about $60,000." She had no loan payments; she had taken cash out; she had spent the cash; she had some kind of "family financial troubles" unrelated to her reverse mortgage; she stopped paying her property taxes and insurance; she still had no loan payments. Oh, and she had no loan payments, and the article (and Ramsey) never mentions loan payments or any problem paying back the loan (because you don't have to). @@bryanjacobs1423
She had $400,000 equity in her home and couldn't pay her taxes? Where did the money go?
Casino in her area has free lunnch and shuttle busses.. thats my theory
It is sad that people are going after old people and trying to weasel them.
My reverse mortgage is now worth more than the market value of the house??? Why? I took it out when the house was appraised at the top of the curve in 2009. We never draw from it because we don't need the money. Two years later the market dropped 50% but the RM grew during that time!!! Why did I do it? 1-I did not want to loose what I gained in my last house in the new house and I wanted a steady retirement fund for my wife. 2- Now the RM grows at a rate of $1400/month. It is like the RM is paying us rent to live in our house! 3-An RM can protect the value of the house in a declining environment. 4- The credit line grows tax free and all income from the RM is TAX FREE! 5- It can be used as a credit line with an option to pay down the debit. 6- The credit line can used if the market is down and stocks are low. I agree though it is not for everyone. The rules have changed so check the new rules.
Sounds like their are good reasons for reverse mortgages. It’s good we all are not condescending idiots like our good friend Dave.
Update: 12/23 Still no draw and the RM credit line is increasing at $3000/month because of the now higher interest rates. This is more like an insurance policy that grows without paying for it. ( Who could get life insurance at age 87?)
And HECM's (RM) are a no recourse loan. You own the money in the bad market and there is nothing they can do about it.
We need to hire Magnum P.I to investigate into this!
oh wait...
Did Selleck see the sunrise when he did the ad?
Quite funny since Magnum owns land in Hawaii and other states. He's just making money making these ads. Winkler and Sellek are both actors
Kick Tom Sellecks but for advertising that it's a good deal.👎👎👎👊👊👊
He's retired!
The thing is, she was 80 at the time of taking out the loan. with living to at least 92, she was on the winning side of the transaction and would've lost her home either way without paying taxes.
The loan program is not causing seniors to lose their homes. Their bad choices, sometimes helped along by 800 number telephone loan officers, are causing it. The terms of the loan include your paying of the taxes and insurance and keeping up your house. Of course they will foreclose if you violate the terms of the loan.
Reverse mortgages are a great idea in certain circumstances. The story in this video is not about reverse mortgages, it's about people not paying their taxes. The bottom line is, these sane people would've lost their homes regardless of the type of mortgage.
If you own your home outright and Don't Pay your taxes and Insurance you're gonna lose your home, Geez this is ridiculous !
Actually, someone who owns their home outright is only obligated for taxes. Insurance would be optional.
And who’s fault is it if someone decides not to pay their property taxes and insurance? Who should pay this if these people fail to do so?
Property taxes shouldnt exist period! The gov is too big, overspends, and needs cut down to size, and stop stealing from the American people!
Google the word Extortion, property taxes is the definition of that.
@@XFizzlepop-Berrytwist ok Karen, I mean Kay.
@@krehbein
Whatever.
@@XFizzlepop-Berrytwist I agree with you that taxation is theft... but we can argue Ramsey is wrong in blaming the RM for the default.... T&I is the reason the house is in default. prop tax elimination is a different battle
There's something called a LESA for irresponsible people. That sets aside money for the dirt poor who have no social security or other means but they don't give RMs to people who can't afford the taxes and insurance, your finances will be thoroughly checked before the loan will proceed.
To advise against reverse mortgage to a 92 year old person is both negligent and ignorant of Ramsey.
Thank goodness seniors still have Social Security.
Not for long, if Trump gets his way.
I was involved in the Reverse Mortgage business for a few years. I can tell you that most of the people who take out these mortgages are in desperate situations at the time they take them out and the mortgage allows them to continue living in their houses for many years! Irresponsible owners who take out the mortgage and then act irresponsible with the money they have access to from the mortgage.
Seems like getting behind on taxes is a problem for reverse mortgages. The next question is, what happens if I don't do a reverse but still don't pay my taxes? If I end up in the same situation, then the problem isn't the reverse mortgage.....it's not paying my taxes.
That's a good point. To me it simply shows that 'home ownership' is not real (even if your house is fully paid) because it is contingent on you paying the applicable taxes (or any other payments that you have to fulfil to maintain 'ownership').
Actually, yes, nonpayment of TAXES and INSURANCE
is a suicidal action. And that doesn't in any way exonerate REVERSE MORTGAGES. Listen again to this lecture and pay attention to the interest rate ripoff and other fatal flaws.
@@susanadiasjohnson457 Ripoff if you can't get a similar loan for a better rate. If not, it's still not a bad deal. BTW, guess what happens of you own your home completely and don't pay your taxes....na na na na hey hey hey goodbye.
@@susanadiasjohnson457 - You are not required to buy insurenec unless you have a mortgage... so not paying for that if you outright own it woulnt make you lose the home (unless it burns down etc). I would think that home insurence is good for even paid off homes. BUt when you take out the reverse mortgagae you are required to have insurence.
I sold homes for years and saw so many people lose their homes during the 2008 downturn of home values. They were upside down and couldn't sell or make the payments. I had one where the old lady passed away and the family inherited a mess because of a reverse mortgage she took out when the house had equity left. Stay away from these loans.
These mortgages are not about heirs, it's about the senior, if her quality of living was better then it worked.
She couldn't "make the payments"??? There ARE no payments with a reverse mtg! In addition Many things changed in 2009 with reverse mortgages. Even if a house is upside down the borrowing power can continue to increase. And if there is equity when the borrower passes away, that equity would go to the heirs. These mortgages can make a huge positive difference for the borrow. You can even fund long term care insurance with them so if you do have to move due to health you've got that long term care coverage. LOTS of good things about these mortgages now.
@@judiecollins7128 thank you - you nailed it...folks follow Dave like the pied-piper... he is so blinded by his narcissism he can't see the plain facts that a basic sixth grader can understand.
Okay I failed to see what the reverse mortgage companies did wrong here. when the borrowers agree to the contract they agreed to pay the taxes and insurance. Further, many states and localities have exemptions for people over a specific age for property tax.
Reverse mortgage s r a scam period
@@karajones4638 so that is your answer? Jeeze come on.
@@integr8er66 yeah it is a scam
@@karajones4638 Well then so are regular mortgages. Its nothing more than a home equity loan. But if your not responsible enough to pay your taxes and Ins you should not take one
That's what I'm saying. I'm 5 minutes into the video and I can't see what's wrong with the mortgages themselves. It sounds more like some people simply couldn't afford to pay the taxes & insurance.
They would owe taxes even if they did not have a reverse mortgage. That is not the loan failing.
dave, pay attention to ALL the details
Correct, what is Daves problem on this? If the old person cannot pay their taxes that is unfortunate but has nothing to do with the reverse mortgage. They would lose their home anyway.
no, the old person would sell it and get full value, instead of letting a bank pay 60 cents on the dollar
Dave Lopes I agreed 100%...
Huge fan of Dave's but this is somewhat deceptive
Not paying property tax will cause this no matter what. And insurance is mandatory for a mortgage. Reverse mortgages allow the owner to get 60% of their equity and make no mortgage payments. And its a loan, so no tax on the money. How is this bad? Yes, the fees and interest are high, but the risk is big for the lender. Obviously, based on their own stats.
theft - permitted by the state
The risk is big for the lender? You must be kidding!!!
90 year old grandma's/Grandpa's losing homes 🤦. Just thinking about that just pisses me off ...
Yes me too but it would be a good idea to ask yourself why she lost the home. If she owned the home free and clear and did not pay property taxes what would eventually happen?
Can't take the home to the grave mate..
@@muffemod i get that. But at least wait til they pass on.
I really lost respect for Tom Selleck when he started hawking reverse mortgages. It just made him a used car salesman
Dave Ramsey is the used car salesman. I've lost all respect for him in this rant. Makes me question anything he says anymore. He totally misrepresents what is going on here
Do you really expect a millionaire to understand what they are selling?
Come on, he took the money. I think he is cool. Folks buy sports cars and kill themselves in accidents too!
It's always Republican actors pushing them. Selleck, Fred Thompson, etc
@@mcleananderson4948 How can you say any actor is a Republican? Well maybe Republican, but certainly not Conservative.
@@superchuck3259 Fred Thompson was a Republican senator/presidential candidate. Tom Selleck is a known Republican. All of the above endorse credit cards. But it's the Republican actors who seem to routinely endorse reverse mortgages.
Paying taxes on your property is a responsibility you have whether you have a reverse mortgage or not. People keep saying if you don't pay your taxes the bank will foreclose on your home as if it's an option. If you don't pay your taxes without a reverse mortgage the state confiscates your home, so what's the difference?
Reverse mortgages are such a scam! I tell my parents, if they're ever tempted to borrow against their house, I'll just give them the money instead.
You're very smart! If they borrow against the house, and get a reverse mortgage, then you can kiss that inheritance (the house) goodbye!! So yes, it's in your best interest to do that! ;-)
@@747-pilot
Yes, one should never forget his own best interest.
So it's in YOUR best interest, not theirs. Great son you are.
It wouldn't make any difference if she didn't have a reverse mortgage. The town would take it for unpaid taxes anyway. At least with the $400k, she was able to pay her bills to this point. Sad that anyone loses their home, but in this case the mortgage is not the villain
let the bank take it back... my parents are outliving the loan anyway...bank looses in our case...Reverse Mortgages work in many circumstances.
But you won't inherit a house.
Did they get more than the house was worth?
@@susanfudge1737 my parrents owed more than the house was worth.
"Bank loses" sure they wouldn't go through with the deal if that was the case, you're not to bright
A Property Tax lien- is superior to any other lien. If you don't pay your Property Taxes- the Home will go into foreclosure. It will then be Auctioned off to the highest bidder. The Tax commissioner doesn't care how much the Home sells for- as long as He/She breaks even with the taxes that are owed.
Many people are financially illiterate. Reverse mortgages are not the problem.
I have a RM (HECM) and it is no problem.
I knew an older guy who found out he had terminal cancer, about a year to live, he did a reverse mortgage and he used the money to buy all the stuff he ever wanted as a young man. He basically died with no money to his name, his house owned by the bank and his kids had to pay out of pocket for his funeral.
so what--he had fun until he dies....
first that doesn't add up. A reverse mortgage a year old would never add up to the full value of what the house could be sold for. they don't let you use anywhere near 100% of the value. Second, if he didn't put some of the money aside to pay his funeral expenses he was financially selfish and obviously did't care about his kids paying.
Gee, it sounds to me like the old guy got to check off his "bucket list". Where is it written that the "kids" are guaranteed a bequest? It was his $$ to spend. The old man's mistake was taking out a R/M so close to dying.
The biggest expense when taking out any mortgage is in the early years. Don't blame the reverser mortgage company for his poor timing.
That is absolutely not how reverse mortgages work at all. This story is completely fake.
@@chadhaire1711 The only thing he should have done differently, in my opinion, was to have a life insurance policy to at least pay for his funeral expenses; anyway, sounds like he died happy!
Dave in the example you gave the homeowner still has roughly about 40% equity. If the house was sold she would still have $160,000 Tax free left after selling the house and paying off the loan balance even if she took the max! ( Her max at 50% would have been about $200,000.) That RM allowed her to stay in the house. She IS 92. Poor widow? Hardly!!! What is the default rate for homeowners with conventional mortgages? Probably more!
Yep, Dave is a one-trick pony... he does not use critical thinking. He is reactionary and has to tow his own line or else he will have egg on his face... Too bad he doesn't see the difference in why she lost her house - because she didn't pay her taxes... Dave, if she hadn't taken out a RM, would she be in a better position to pay her taxes & insurance? hmmmm?
I have a reverse mortgage and love it. It was made very clear to me that I would have to pay my property taxes and insurance. Like everyone who takes out a reverse mortgage I had the opportunity to consider these terms and decide if the reverse mortgage would be sufficient to fund these obligations. It was. Had that not been the case I would have sold the house and used that equity to fund a more frugal lifestyle.
Did you ever read your statement. My husband got a reverse mortgage. I’m charged 1000 a month in fees. I nearly fell to the floor when I saw the statement
@@donnafloridia I do read my statement. My only monthly fee is $48 for the insurance premium. I find 1000 a month in fees astounding. When you and your husband met with the mortgage broker weren't all the expenses explained to you? Did the broker have you do a long phone interview with a HUD counselor who made sure you understood everything? It is required by law. You say your husband took out the mortgage. Maybe you don't know anything. Are you sure you are included? You don't want to find out when he dies that you weren't covered and will have to pay back the mortgage.
Part of the problem is that with traditional mortgage Taxes and Insurance is usually held in some escrow fund and are paid by the lender. With reverse mortgage this doesn't happen and the individual must "PLAN" to pay taxes and insurance when due. Those that do not - can loose their home but that wasn't the mortgage fault. If a lender lies to seniors just to close a deal, again that isn't the mortgage fault. The tool itself isn't a ban tool, its those that represent and sale them and those that fail to plan. - Thanks for your opinion Dave.
Hey Lynn! Great point, although there are options for an escrow account with reverse mortgages. Check out the LESA, an abbreviation for life expectancy set-aside.
What did the 92year old lady do with the money? Too many seniors get the money and then their relatives (children and grandchildren) find a way to get it...
A lot of them get manipulated into the reverse mortgage by those very leaches in the first place. It happened in my family.
@@ClericalConsequences my grandma doesn’t stop giving one of her son the money the rest of her kids send her, so they all send it to the daughter that lives next to her. Even his kids have learned to ask/steal from her. I say steal because they have climbed to her 2nd floor and taken her money if she’s not home
@@socketyellow3 I’m sorry. That’s terrible.
Or give to the casino .
Sadly exactly what I was thinking
Of course if you don"t pay your taxes or keep up with the maintainence on your house it doesn"t work,you know this at the onset,right?It fails because the home owner doesn"t keep their end of the deal-where"s the scam?
Robert Shupinski : there is no scam. Ive helped do several reverse mortgages for friends and theyre a great deal in some circumstances. This guy is a sensationalists. Not a logical thinker.
Property Taxes are collected Illegally - check the Law! All Debt is collected Illegally! Check the Law!
Dude who can't type is giving Dave Ramsey financial advice.
Ramsey is wrong here, and his argument is incoherent. He does not show in the least bit that a reverse mortgage is a scam. @@bryanjacobs1423
Property Taxes shouldnt exist! Its one of the main reasons Homelessness is a huge issue!
The generation of my grandparents and their parents grew up in the depression and during the war they used cash and never trusted the corporate world.
So far I have not heard any of these self-styled financial pundits simply say that a reverse mortgage is simply a very expensive type of loan.
This is exactly what happened to my mother. Her house was paid off, she got a reverse mortgage and ended up losing her house. After ten years the principal was practically untouched.
how did she lose her house? Not pay her taxes? ? Who's fault was that?
How did she lose it?
@@tthom2459taxes go up when the property value goes up 🙄
Hey guys,
I used to be a reverse mortgage loan officer so I can give some insight:
It’s called a reverse mortgage because instead of the home being paid off overtime, the loan grows overtime. There are no required payments. And the loan can never grow more than the homes worth. The mortgage company does not keep the home, they just want you to pay back the loan when ya die.
It’s a niche product, but it’s helped a lot of seniors that are struggling. Seniors struggle, we neglect them and they struggle. Call your parents more and stop watching UA-cam.
Respect
Can you recommend a lender?
@@sandrad4900 I do them in Florida
thank you for spitting real truth! call Jason Vassar with Finance of America! He's one of the best in the industry!
I recommend Cyndi Meyers with Home bridge. She’s one of the leading Reverse Mortgage Professionals in the country.
the only responsibility the homeowner needs to do is to pay their own insurance and taxes which every homeowner is required to do
the biggest racket going (other than the church ) insurance is a scam
"insurance is a scam"...Don't buy it then.
You are not required to pay insurance once the loan is paid off
@@p.d8423 Yeah, and when the house burns to the ground, and you have no insurance, you get to live on the streets. Sounds like an excellent plan............................
@@wayne-kj4iwyeah definitely. Most people can just pay to build a new house for 300k if their current home burns down. Get real
My mom took out a reverse mortgage. When she died, as her executor, I had to deal with the dirtbag reverse mortgage company. I had to fill out a Deed-in-lieu-of-mortgage 3 separate times. I was harassed on a daily basis by the company encouraging me to try to sell the house and pay off the mortgage. However the amount due was 50 thousand more than market value and her estate was insolvent due to cancer treatments. It took almost a year before they actually took ownership of the home. DON'T EVER GET A REVERSE MORTGAGE unless you absolutely hate your heirs.
You didn't have to "deal" with anything. No one forces anyone to be an executor. As long as your name was not on any financial document you are responsible for nothing. If the estate was truly "insolvent" I'd just bury the deceased take any personal property I wanted and then walk away from everything. I don't let anyone make me work for them for free. Why anyone would want to be an executor of an estate with no assets is beyond me.
He took responsibility to clean up the mess that his mother had to suffer through. Legally responsible or not, if you love your family you should feel obligated to take care of them, and their legacy even after they are gone. It is great that he was able to clear it all up and share his story with us so that others may not have to go through the same ordeal.
vanillacokejunky - Thank you
I don't criticize anyone who makes financial decisions based on what they consider moral and/or ethical considerations. I only criticize them when they complain about the consequences.
edermitt - I didn’t have any say in the decision, so I feel comfortable complaining about the consequences.
Hey Dave? What happens when you owe back taxes on a free and clear property or a property that is conventionally financed? Sale on the courthouse steps! Apparently you are telling gramma's they don't need to pay property tax or insure their homes. Great advice.
Admittedly, the charges applied to the reverse mortgage are outrageous (an initial $100 compulsory consultation with an advisor, and $20 for the monthly statement, etc.). We are paid a sum (in our case $900+/mo) for a given number of years. As long as we pay taxes and insurance on our home, we can live here to the end of our days.
The total sum of the mortgage has no meaning, unless we want to pay it off. We have no regular mortgage on it, and the taxes and insurance are up to us, the same as they are under the reverse mortgage. We could sell on the open market, or pass it on to our kids.
People who fail to meet their obligations face the same consequences as they would with a regular mortgage, and may not have gotten adequate counselling before making a commitment. I can see no justification in calling this more of a scam than any other mortgage.
This is Obsolete Information. The only requirements of a Reverse Mortgage are: keep property taxes and homeowner's insurance current. And, continue to maintain the property. Sounds like this lady should have set up a LESA (Life Expectancy Set-Aside), which would have impounded her future tax and insurance requirements. That situation would not happen today.
Why is it a surprise that these reverse mortgages have high default rates compared to standard FHA loans? The people taking these are desperate and broke. Many will be doomed to failure from the start. A lot of old people take these out just to get the quick cash on a near unsellable home with problems and then hand it over to the bank and let them deal with trying to get something back out of it. Not only am I surprised people are willing to do these goofy loans but I can’t believe the banks are willing to do them. They must not pay much at all and expect foreclosure.
That's exactly why they target seniors.
Please give me a list of all the research you've done to determine that RMs work the way you describe. First, RMs are non-recourse - you can stay in them after you do the RM for the REST OF YOUR LIFE and the bank can't say jack about it... There a federal guidelines on how much you can borrow. You MUST have equity in the home in order for the numbers to work in order for a bank to do one.
Nothing to do with the mortgage, she needs to pay taxes.
Why should you be taxed on your own equity.?
@@myp0h property taxes
If you own your home you still have to pay property taxes, forever, regardless of having a mortgage or home paid off.
Reverse Mortgages are simply a home equity loan.. With all home ownership, the real estate taxes must be paid. With all Reverse Mortgages we must now approve and verify that the borrower has the income to pay the taxes and home insurance and live with or without a Reverse Mtg. THEY ARE NOT FOR CASH STRAPPED PEOPLE. They can add some peace of mind for many. Dave Ramsey is about 15 years out of date.
My friend is retired, cash strapped, bills coming out of her..... so had to get RM
What really galls me is why in world are these lower to middle class cash strapped retired people being forced to continue to pay property taxes on a home they've been paying taxes on for the length of the mortgage, in some instances the taxes collected equals the original price of the home. There needs to be a cutoff point somewhere that says they've more than paid their fair share. NEVER ENDING PROPERTY TAXES IS A WAR ON THE BLUE COLLAR RETIRED !
I completely understand that a viable government needs tax revenue to operate, and I have no problem paying my fair share, but targeting those that has already more than paid their fair share and is now struggling is immoral and unethical and a crime on humanity.
Contact your representative.
Titus Tucker
So you are OK with paying higher taxes so the seniors can pay none ? Do people stop receiving the benefits of these taxes when they get old ?
hey a- just hope you dont make it to old age, you will understand once you get older
srats56. So you are saying old people dont avail of local govt services!
Cut some slack Ramsey. I'm a senior and if the only reason she is losing her home is because she didn't keep taxes and insurance up then the lender should allow her reasonable time to do and if not paid up the lender has no choice but to foreclose.
If you don’t have enough you SELL YOUR HOUSE and MOVE so you have enough money. Take the difference in an annuity or something.
IF SHE COULDN'T KEEP UP WITH THE TAXES OR HOME OWNER INSURANCE, HOW COULD THEY HAVE PAID A REG MTG? LET'S BE REAL?????
MICHAEL JOHNSON Exactly!!! Doesn't make any sense.
John Wigren: Yes! This guy is not logical, nor is he able to explain this rather obvious point that taxes, insurance and maintenace would have be paid regardless of having a reverse mortgage. This guy is a sensationalist.
Part of the reason reverse mortgages are available to retirees is that there's no income requirements in order to qualify. They just need a certain level of equity in their personal residence in order to qualify.
when I'm 62 I'm going on a reverse mortgage I have nobody to give the house to. All those payments all those years and I love my house why not. They won't take the house from you unless if it's a risky Bank.
"Exactly!!! Doesn't make any sense."...What one could do is take out a regular mortgage, put the proceeds in a bank account and use that money to pay the mortgage payments, property taxes, insurance and upkeep. But, it would take a lot of number crunching to see which way would be better a regular mortgage or a reverse mortgage.
edermitt from what I understand with a reverse mortgage no monthly payment is due. Why would someone get a regular mortgage with monthly payments that start eating away at the cash
Dave is incorrect if the cause of default is not being able to pay property taxes, insurance and maintenance on the house. They would have to pay it anyways with a forward loan so that means that they would be in deeper trouble with a forward loan. Also, clients are counseled from the beginning about keeping up with property taxes and insurance on the home. The lender cannot and will not foreclose because they are defaulting on mortgage payments, there are none! This is a good loan but not being used properly? I agree, brokers and lenders make way too much on reverse mortgages because they don't have the limitations they have on forward loans and that should be controlled. Just my two cents.
Can we "in-voluntarily terminate" Congress?
It's in the second amendment.
Now that Trump is president it's being shortened to You're Fired.
If they don't start doing their job, we might have to. As a conservative I am certainly fed up enough with congresses inability to do anything in support of my beliefs.
Tyler Austin sign me up
Yes! do not vote!
Dave this program is the perfect program because they are on a fixed income as long as they do not take all the money out in a lump sum and take just what they need to cover taxes and insurance for a couple of years. I would like you to please think of people that did not prepare for retirement and currently may have a remaining balance. This program does not work for some people and is a bad idea, but this program could mean the difference between eating cat food or starving. Please make another video and state in which cases this loan could ease the stress of life. What to look out for because the reasons a senior can lose a home using a reverse mortgage is not paying taxes and insurance, not being their primary residence, moving out of the home, and no maintaining the upkeep of the home. You are a financial Guru and people look to you for help. There are cases where debt foes do not matter when we are talking about a quality of life issue. When you die you do not take the house with you or the debt, but if they do not eat they can die debt-free or keep paying on a mortgage with a low-interest rate. Please look into it and make a responsible video for those that need someone to care and whenever a person and the nuances of that person's life are not considered and weighed against the pros and cons and not only future considered but the present day as well.
It’s no different then a car loan. You are responsible to pay insurance, registration each year or you can loose your car. Don’t blame the reverse mortgage program if the recipient neglects to pay taxes and insurance. It is an extremely valuable program if you are not ignorant that it pays the mortgage and interest but not the property taxes, any HOA fees and home insurance. Simple as that. No reason to get all upset.
Well said!
Reverse Mortgages are a fccus of my Mortgage Brokerage. I did one for my own mother before she died so I was on both sides of the table. This video like many anti-Reverse videos and articles focus on the same thing.....comparison of loan products and default rates that are COMPLETELY different and the failure to pay taxes and insurance.
Thankfully many of you actually tell the good stories. The stories I see where senior can use their home equity and increase their cash flow and liquidity. I have also had many clients buy a home with a Reverse Mortgage, which is common here in Florida. Like anything out there, a Reverse Mortgage may or may not be the best option depending on your goals. But please don't let fear prevent you from seeing what is possible, because Dave has never originated one like I do every day.
So does did the reverse mortgage prevent anyone from making their tax payment thus forcing foreclosure? The answer it does not. In fact, it may help.
This 90 year old will lose her home for not making tax payments with or without a reverse mortgage.
So the loans themselves did not result in their loss of property: Their failure to pay their property taxes resulted in their loss of property. If you do not have a reverse mortgage, and you don't pay your property taxes, the county/city can foreclose on your property and you can lose it. Why aren't you paying your property taxes? Well, Virginia said she didn't have the money to pay them. Would she have had the money if she didn't have the reverse mortgage? No.
And here's the thing. These people who are losing their homes would have been unable to pay their taxes and would have lost their homes without a reverse mortgage. But you would never hear about it, because it wouldn't be attached to a loan that a reporter can't understand and so can't portray as risky and the cause of the loss.
These borrowers lost their homes because they didn't pay the taxes on their property, not because they had reverse mortgages.
The problem is that if you fail to pay taxes, keep insurance or do repairs to their satisfaction, you are ALSO then in default on the terms of the mortgage.
You would have the same issue with your standard mortgage. You would be in default if you do not pay taxes and insurance.
If you have a home loan, you MUST keep insurance and pay home owners dues, & all taxes due! WHAT IS THE PROBLEM WITH THESE PEOPLE?
Thanks for the info! Great stuff
My condo is paid in full, I'm 80 years old, with no one to leave my condo to. I want to continue to travel as I do now. Why is a Reverse Mortage NOT a good idea?
My good friend Ramsey did a misleading vid. Pay your property taxes and insurance and you are good to go. Try to talk the RM company down on the closing costs. I paid $1,000 closing. He tried to get me to pay more but he knew I would walk. I'm with Carrington RM. Let them know right off the bat we need to see a low closing cost. At this writing I am paying 7.5 percent on my loan. You don't need to do a lump sum payout but you can. This is a mortgage and like any mortgage you MUST pay taxes and insurance. Absolutely no different from any other mortgage. Currently I owe 10% on my $1mil home and am single. According to Ramsey; whoever dies with the most equity wins. Use your RM judiciously and you won't have problems.
@@coloradomark2159. Yea, dying with a million in equity is dumb. You can’t take it with you. Unless you have kids you want to leave it to.
@@OhYeaMista And so you come up with a $10k home expense you have to cover. Should you take it out of your savings? Let me guess your property taxes are going down. Mine jumped 50% this last go round. These situations could be covered with your RM and no leaving you to look in the sofa cushions for money.
Wait a minute-- I do a reverse mortgage and get-- oh I don't know--- $150,000 and spend it on a 30 day vacation to Istanbul but don't pay my taxes or insurance on the house and you say it's a scam? Who's the scammer?
Im not even the biggest Dave Ramsey fan, BUT his laughter during this clip was EPIC! 😂😂😂 I LOVED IT
4:08 - 4:15 made me laugh very hard. hahaha. love when Dave makes funny of stupidity.
I'd rather sell my home, invest the proceeds in an income producing investment and move into a 55+ senior community rental apartment. Home ownership isn't all it's cracked up to be when You reach a certain age, best to enjoy the fruits of your labor then someone else....
You've got the right idea, but for some of the elderly you would have to pry their home from their cold, dead hands.
I agree. If I have some sort of income producing investment, I would certainly consider moving into an apartment.
Spot on!!!
I agree 😊
I agree
Love how multimillionaire actors give financial advise, I just laugh.
James ====Tom Selleck comes to mind he says don't think we're trying to take you home lol
I'm an RM Specialist. Dave you didn't discuss a LESA account, which is required if the borrower can't demonstrate the ability to pay property taxes and homeowners insurance.
Thank you Dave !
When I first heard this it sounded like the bank buying back the house for cheap.
If you do not pay your property taxes (mortgage or not), you will face a tax foreclosure.
Reverse mortgage isn’t always bad. What about the senior that doesn’t have a house and only $35k left to their name that will spend that in rent over the next few years. Would a good option be to use that with a reverse mortgage to buy a condo so that their social security can cover all their expenses now that they don’t have rent expense?
UH - WELL, You have to have a house in order to get the reverse mortgage.
@@rene88975 this isn’t true. I would encourage you to google it. You can use a reverse mortgage to purchase a place as well. The LTV requirement, which is dependent on age, still needs to be met. If you have a $200k house free and clear and you are able to borrow $150k in cash off of that house because of your situation, then you are able to not have a house, buy a $200k house with a $50k downpayment. The same rules apply, you don’t ever have to make a mortgage payment for as long as you live there.
Last February I bought my parents house out of a reverse mortgage. Since my dad passed away in 2011 I paid the taxes and insurance and finally when I was able to I bought the house out of the reverse mortgage it was insane and I wish I took over before my dad put it in reverse mortgage.
Great video and information! I have a friend that was considering a reverse mortgage. I’ll be glad to send them this first. Quick question, How do you get the interest rate update every morning?
FLYIN RYAN REYNOLDS a quick google search of “today’s mortgage rate” all the info was on the first page
You would be much better off selling the house and getting into a assisted living or getting a less expensive home
Fonzi and Magnum, the dynamic duo!!!
People do anything for money.Sad
HEEEEY
So I'm coming in on the tail end of this conversation. My aunt was 92 in 2006 when an older gentleman at her senior day care center talked her into meeting "the people" (reverse mortgage people). Long story short, they gave her a $157,000 loan on a cement block home that wasn't even worth $50,000. I started with the FL attorney general who said that some unethical practices may have taken place, but nothing illegal. He said if I could prove a crime had been commited, contact the sheriff. In 2009, the loan was "refinanced". I found about both loans after the fact because aunt would rather believe anyone but her educated niece. By 2013, my aunt was penniless. She died at the age of 101. Still clueless. I've talked to everyone I can think of. Lawyers are not interested. What's in it for them? I'm still in the home. A tree in the yard fell into the neighbor's yeard during a storm and the mortgage company who just started paying taxes on the property says I'm responsible. I could go on and on. Just sharing.
Thank you for this information.