Drudge Retort: The Other Side of the News
Wednesday, June 12, 2019

Gerda Graf was plagued with financial woes when she took out a reverse mortgage 10 years ago. Earlier this year, the 83-year-old lost the home she has owned for more than 40 years. She is one of thousands of senior Floridians facing the same outcome. Reverse mortgages, known as home-equity conversion mortgages, are available to homeowners over age 62 who want to tap into their homes' equity. Borrowers make no loan payments as long as they live in the home. The money isn't paid back until the homeowner dies or moves out. But what sounds like a great deal can have serious pitfalls. Unlike regular home mortgages, things such as falling behind on taxes or insurance payments can quickly result in the mortgage company foreclosing.

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Deplorable.

#1 | Posted by SheepleSchism at 2019-06-12 01:07 PM | Reply

Thanks Tom Selleck!

Another St Raygun program designed to rob the middle class.

#2 | Posted by Nixon at 2019-06-12 01:15 PM | Reply | Newsworthy 4

"Reverse mortgages"

Reminds me of Fred Thompson

Makes money selling reverse mortgages

Makes money penning dopey articles for the knuckle draggers

Both a total scam for a desperate, gullible audience

#3 | Posted by ChiefTutMoses at 2019-06-12 01:29 PM | Reply

- Reminds me of Fred Thompson

Another wannabe actor-patriot.

Also reminds me of Ed McMahon and Alex Trebek selling insurance.

shameful.

#4 | Posted by SheepleSchism at 2019-06-12 01:42 PM | Reply

Blame the spokespersons...yeah...

No, the product is ---- and I knew that before looking into it at all.

It's predatory and I could tell from the advertisements it would lead to this.

Oh, and BTW, on any given day there are thousands and thousands of people who don't pay their insurance or taxes and are obviously subject to seizure or foreclosure. Has nothing to do with a reverse mortgage.

Like always, this hits minorities and the poor harder because they don't understand the contract they are entering into.

#5 | Posted by eberly at 2019-06-12 01:44 PM | Reply | Newsworthy 2

"Also reminds me of Ed McMahon and Alex Trebek selling insurance"

when did they pen an article bemoaning government backed loans?

#6 | Posted by ChiefTutMoses at 2019-06-12 01:51 PM | Reply

#6 Didn't say they did. What they did do was target seniors for garbage insurance.

#7 | Posted by SheepleSchism at 2019-06-12 01:56 PM | Reply

7

Indeed. terrible insurance.

#8 | Posted by eberly at 2019-06-12 01:58 PM | Reply

It's predatory and I could tell from the advertisements it would lead to this.
Like always, this hits minorities and the poor harder because they don't understand the contract they are entering into.

#5 | POSTED BY EBERLY

NW. It's a feature, not a bug. Like all predatory lending, payday loans, title loans, check cashing,

Obama didn't outlaw it.

#9 | Posted by SheepleSchism at 2019-06-12 01:59 PM | Reply | Funny: 1

Guys, there's no way that actor with the dark hair and dark mustache would lie to me. He's a cop, and a family man. Plus he demolished Rosie, so he must be telling the truth.

#10 | Posted by 101Chairborne at 2019-06-12 02:07 PM | Reply | Funny: 1

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"It's a feature, not a bug"

no kidding

todays "conservatives" are a conniving bunch

makes money selling BS to the brain damaged dopes
then
makes money selling the opposite BS to the elderly

#11 | Posted by ChiefTutMoses at 2019-06-12 02:10 PM | Reply

the drunken savage is just pissed he couldn't get a reverse mortgage for his urine and vomit stained teepee

#12 | Posted by eberly at 2019-06-12 02:15 PM | Reply

Coconservative was my co signer.
-samiamvile

#13 | Posted by 101Chairborne at 2019-06-12 02:21 PM | Reply

Obama didn't outlaw it.
#9 | FLAGGED FUNNY BY CHIEFTUTMOSES

Why didn't Obama stand up against the money lenders, banks and Wall Street?

Stealing from minorities, the poor, and elderly? Even Hillary took their money.

How has the Dem party fallen to this level of indifference?

#14 | Posted by SheepleSchism at 2019-06-12 02:26 PM | Reply | Newsworthy 4

"Why didn't Obama stand up against the money lenders, banks and Wall Street"

because he "Hated America". Duh!

#15 | Posted by ChiefTutMoses at 2019-06-12 02:36 PM | Reply

because he "Hated America". Duh!
#15 | POSTED BY CHIEFTUTMOSES

No need to go off the deep end.

It's a genuine question, and until the Democratic party resolves their position on the matter,

and does the right thing, this issue alone will keep me away from supporting the party.

#16 | Posted by SheepleSchism at 2019-06-12 02:44 PM | Reply

"It's a genuine question"

then go ask OBAMA and the democrats

#17 | Posted by ChiefTutMoses at 2019-06-12 02:48 PM | Reply

I was offered one of these, I didn't know why it was a trap at the time but somehow I knew it was and I said I was not interested. When something sounds too good to be true it usually is.

#18 | Posted by danni at 2019-06-12 02:48 PM | Reply | Newsworthy 1

"Why didn't Obama stand up against the money lenders, banks and Wall Street?"

He did get the Consumer Protection Bureau passed which Trump and the Republicans are trying to destroy right now.

#19 | Posted by danni at 2019-06-12 02:49 PM | Reply | Newsworthy 1

"I was offered one of these,"

I'm sure you were being a homeowner in Florida over the age of 60.

How much home equity did you have at the time?

Did you have any other income, such as a job? If so....then that would have been a bad decision to get one of those.

In any case, people who stop paying property taxes and HOA dues are going to be in hot water anyway....regardless of why.

#20 | Posted by eberly at 2019-06-12 03:00 PM | Reply

Thanks, Capitalism!

#21 | Posted by snoofy at 2019-06-12 03:02 PM | Reply | Funny: 1

Why didn't Obama stand up against the money lenders, banks and Wall Street?

Because he was center-left at best?

until the Democratic party resolves their position on the matter, and does the right thing, this issue alone will keep me away from supporting the party.

In case you weren't aware, Dems have a primary going soon, and there are any number of candidates who will stand up to big banks you could be supporting. Instead you spend your days fluffing Trump's balls. I wonder why that is?

#22 | Posted by JOE at 2019-06-12 03:03 PM | Reply | Newsworthy 1

In any case, people who stop paying property taxes and HOA dues are going to be in hot water anyway....regardless of why.

Yea, and I think blaming this all on the companies offering this is sort of wrong. If you dont pay bills, you are going to lose whatever collateral you secured it with. Just because you are a little older doesnt mean you can just stop paying your bills.

What is it with Democrats who get money through loans, then dont pay it and scream victim afterward?

#23 | Posted by boaz at 2019-06-12 03:06 PM | Reply

Why didn't Obama stand up against the money lenders, banks and Wall Street?

Because a number of big-named pols from both parties were not only complicit but were partially responsible for the economic meltdown.

Prosecute Wall Street and those pols get dragged in by the defense.

#24 | Posted by JeffJ at 2019-06-12 03:15 PM | Reply

If it sounds too good. ... ....
Buyer beware.

#25 | Posted by phesterOBoyle at 2019-06-12 03:21 PM | Reply

The problem with real estate in Florida is if you live east of I-95, insurance companies won't offer home hurricane or flood coverage. Condos and houses are a dime a dozen. I could have bought a five room ranch house a block from the beach for #36,000. Now ask me how much the property taxes alone were in West Palm Beach? If you go south towards Fort Lauderdale, it becomes a trailer trash dump.

Orlando is seeing a pick up in real estate but that area is the next bubble crash.

Finally Bored-Azz (boaz) sounds like those poor grumpy old men that wishes they could do what the Dems do but he can't so he ankle bites. They can't party, no one can part. They can't get an --------, they're player haters. But they sure like looking at young flesh jiggling in tight bikinis.

hahahaha you're a joke Boaz.

#26 | Posted by KillerKarlKrupt at 2019-06-12 03:23 PM | Reply

Thanks, Capitalism!
#21 | POSTED BY SNOOFY

Thank Obama, the capitalist.

He just watched it go by, from the WH even.

#27 | Posted by SheepleSchism at 2019-06-12 03:51 PM | Reply

In case you weren't aware, Dems have a primary going soon, and there are any number of candidates who will stand up to big banks you could be supporting. Instead you spend your days fluffing Trump's balls. I wonder why that is?

#22 | POSTED BY JOE

Like Hillary did when she stood up, and took their money?

Obama could have done something, but didn't. I wonder why?

#28 | Posted by SheepleSchism at 2019-06-12 03:53 PM | Reply

Swallowstrumpsjism's child-raping hero is too busy stealing from cancer charities to do anything about these scams.

#29 | Posted by reinheitsgebot at 2019-06-12 03:58 PM | Reply

Like Hillary did

No. Did you even read my post? Are you unaware of the primary candidates to the left of Obama and Hillary?

#30 | Posted by JOE at 2019-06-12 04:02 PM | Reply

"But they sure like looking at young flesh jiggling in tight bikinis."

No man (no *normal man ) ever stops looking.

#31 | Posted by phesterOBoyle at 2019-06-12 04:30 PM | Reply

Who ever thought a reverse mortgage was a good deal? Always sounded stooped to me. Best way to get rid of a big monthly payment is to down-size.

#32 | Posted by Sniper at 2019-06-12 04:55 PM | Reply

The idea is to spend the equity of your home without having to sell it. It's just not a good way to spend your assets.

#33 | Posted by eberly at 2019-06-12 04:59 PM | Reply

"it. It's just not a good way to spend your assets."

True: you lose all capital appreciation going forward the day you sign on the dotted line.

#34 | Posted by Danforth at 2019-06-12 05:07 PM | Reply

www.youtube.com

No state has zero property taxes.... but these are the lowest...

1)Alabama
2)Louisiana
3)Hawaii
4)West Virginia
5)South Carolina
6)Arkansas
7)Delaware

The five states with the highest sales tax rates are

Tennessee (9.47 percent) Louisiana (9.45 percent) Arkansas (9.43 percent) Washington (9.17 percent) Alabama (9.14 percent)

SO THE REAL TRICK is to live on the lowest property tax state border and cross over to the next state to buy your goodies... or buy it on Amazon till they start charging sales tax in your state.

Or live on a sailboat or houseboat so you don't have to pay property taxes.

#35 | Posted by Pegasus at 2019-06-12 05:22 PM | Reply

In a regular mortgage...the natural end possibilities are to sell the home and pay off the note, refinance, or just simply pay the mortgage off eventually. A foreclosure is an end but not a "natural" end.

In a reverse mortgage...the natural end seems to be either death or foreclosure considering who you are offering this product to (the relatively poor and elderly).

#36 | Posted by eberly at 2019-06-12 05:31 PM | Reply

Wow. You can't say -------- on this board!

Say "election" (pronounced with an comedic asian accent)

#38 | Posted by AMERICANUNITY at 2019-06-12 07:37 PM | Reply

#38 | POSTED BY AMERICANUNITY

Racist and bigoted; culturally inappropriate.

The 'norm' around here.

"Mandingo"
#37 | POSTED BY KILLERKARLKRUPT

VERY racist.

#39 | Posted by SheepleSchism at 2019-06-12 07:48 PM | Reply

Say "election" (pronounced with an comedic asian accent)
#38 | Posted by AMERICANUNITY

What's "comedic" about an asian accent?

#40 | Posted by nullifidian at 2019-06-12 08:00 PM | Reply

"or buy it on Amazon till they start charging sales tax in your state."

Too late. Amazon now must pay sales taxes wherever your package is delivered.

"Or live on a sailboat or houseboat so you don't have to pay property taxes."

Incorrect. Houseboats, and sailboats with sleeping, eating, and eliminating facilities, are assessed for real property taxes. On the flip side, any dwelling with those three abilities can also be used for mortgage interest deductions.

#41 | Posted by Danforth at 2019-06-12 09:08 PM | Reply

The ads themselves were pure fraud. We pay you for the rest of your life and you get to keep your home. FREE MONEY!!! Knowing full well the purpose was to con elderly people and take their homes for pennies on the dollar.

#42 | Posted by hatter5183 at 2019-06-13 03:13 AM | Reply

What's "comedic" about an asian accent?

#40 | Posted by nullifidian

Guess you've never seen Tom "Mr Reverse Mortgage" Selleck in the movie "Mr. Baseball" (Baseball is pronounced 'Basubaru' in Japan).

#43 | Posted by AMERICANUNITY at 2019-06-13 06:42 AM | Reply

What is it with Democrats who get money through loans, then dont pay it and scream victim afterward?
#23 | POSTED BY BOAZ

Who knew Trump was a Dem?

#44 | Posted by TFDNihilist at 2019-06-13 07:06 AM | Reply | Funny: 2

Based on the numbers, it seems like reverse mortgages helped hundreds of thousands of people...like the commercial says. Or, at least, it didn't hurt them. Just because there is a percentage it didn't help does not mean they aren't good. I'm actually surprised an article is allowed to say that part of the responsibility needs to be placed on the borrower...and Dems didn't get their pitchforks and start denouncing personal responsibility like they usually do. So kudos for that.

"What's "comedic" about an asian accent?"

Same thing that is comedic about all accents. There is almost nothing in this world that isn't comedic when put into the right context, like having someone say election with an "r" because another language may commonly do that. That's funny...it's 5th grader funny...but it's funny. I've always wanted to find out from other countries what Americans say in an accent that they find funny because I know it happens. Hell, there are things people say in a British accent that I find hilarious...like "can't"...and they are English speakers.

#45 | Posted by humtake at 2019-06-13 12:26 PM | Reply

Why was the Chinese candidate caught in a scandal?
He kept talking about his --------.

#46 | Posted by TFDNihilist at 2019-06-13 04:52 PM | Reply | Funny: 2

^Total proof that humor is dead.^

#47 | Posted by TFDNihilist at 2019-06-13 07:06 PM | Reply

#35 | POSTED BY PEGASUS AT 2019-06-12 05:22 PM | FLAG: Note that Delaware also has no sales tax.

#48 | Posted by MSgt at 2019-06-14 11:59 AM | Reply

Look, they are good in theory because they can help retirees stay in their homes.

The problem is the "catches" that come with it. The plans should be designed so that the lender covers the insurance and taxes while the home owner gets a smaller sum.

#49 | Posted by Sycophant at 2019-06-14 12:19 PM | Reply

Look, they are good in theory because they can help retirees stay in their homes.

#49 | POSTED BY SYCOPHANT AT 2019-06-14 12:19 PM | REPLY

They are a profit model designed by a corporation to intentionally maximise profit. The talking points about benefitting the homeowner they use to sell it are just shiny ribbons on the box of poo

#50 | Posted by hatter5183 at 2019-06-15 08:29 AM | Reply

HATTRR

I've never checked it out myself buy I did hear the interest rates on those Reverse Mortgage loans, collateralized by your home, can be quite high ~ giving the banks a nice profit when they eventually sell the property.

They don't mention that in the TV ads.

#51 | Posted by Twinpac at 2019-06-15 08:51 AM | Reply

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