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Are Reverse Mortgages a Scam? | The Daily Show

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Why saddle your kids with debt when you can saddle them with debt AND a horse? Michelle Wolf is here to sell you an upgraded reverse mortgage with AGG (American Geriatric Grift). #DailyShow #MichelleWolf #Comedy
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29 ноя 2023

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Комментарии : 266

@danielgehring7437 8 месяцев назад

Clips like this always makes me wish I lived in a country with a working government that would ban this sort of snake oil.

@adrianstanczak1127 8 месяцев назад

Like to which one? I'm in Europe and we've got the same problems everywhere more or less. 😆 Actually though... Scandinavian countries are doing pretty well... They're the only ones that have kicked out religion. I bet dollars to doughnuts it's not a coincidence.

@davidguelette7036 8 месяцев назад

Signed by Reagan, the union busting, S.S.,Medicare, food stamp and public schools hating bank loving con man. What could possibly go wrong?

@reverendblind 8 месяцев назад

Thankfully I found a job at a nice reputable protection racket (insurance) so I don't have to work for the snake oil salesmen.

@margaretmanz2030 8 месяцев назад

We're stuck with it because government regulation is a four letter word.

@billmcmillan7735 8 месяцев назад

Exactly!

@BigBlueD830 8 месяцев назад

I have 3 friends whose parents did reverse mortgages. There must be something in the sales pitch that convinces the elderly not to tell their kids about it because all 3 found out after the parent died. 2 had moved in with their parents to be full time caretakers and were very surprised when the bank told them they had 30 days to GTF out of their childhood home that they had expected to continue living in.

@toddhanley 8 месяцев назад

Actually, they have 6 months to pay off the reverse. Looks like your friends are lying to you.

@akairborne 8 месяцев назад

"Sign here. And remember, this is our secret."

@piratessalyx7871 8 месяцев назад

Everytime I see fn Tom Seleck in those commercials I yell at the tv ....friggin theif!

@melindahipp5558 8 месяцев назад

Hello, the letter they receive Does not state they have 30 days to get out. It states they have 30 days to send the paperwork back stating how the loan will be paid back. They have 3 options. Sell the house and keep the remaining equity, pay the loan balance back with their own financing, or do a deed in lieu of forecloure (simply walk away from the home with no recourse.) most folks do not read the letter carefully. If they are seling the house, or refinancing it, they have plenty of time to get that done. It's all about communicaityon.

@the_algorithm 7 месяцев назад

So many shill shilling for the Mortgage companies I wonder why they are trying so hard to damage control this

@sassynana5201 8 месяцев назад

For working class people, generational wealth is typically created through home ownership. Reverse mortgages guarantee the family will not have generational wealth.

@sebastiang7394 8 месяцев назад

Look you buy a house and you put every penny you save into paying the mortgage. Now you’re old and need to retire, how else are you supposed to get money? At least with this model your children can pay off the debt and keep the house if they want to.

@malcolmxxx86 8 месяцев назад

since your house has been paid off for years, and you collect social security and might even have some savings, then why would you need this?@@sebastiang7394

@milascave2 8 месяцев назад

@@sebastiang7394 Many people buy larger houses because they have kids. Once the kids, and sometimes the spouse, are gone, they don't need that much space. It's just more space to clean and take care, repair and so forth. So they could just sell the home at market rate and buy a cheaper condo, or rent an apartment, or something like that.

@sebastiang7394 8 месяцев назад

@@milascave2 Yes they might not need it but people are often emotionally attached to their homes. Why shouldn't they live their final days in a house they like and feel comfortable in if there is an option for that.

@0hermitworm 8 месяцев назад

This has always been my thought. It was really scary when both my MIL and my own spouse were talking about getting them. Spouse never could b/c I'd never agree to it, but it would have broken my heart to see MIL lose everything.

@ARNYKATZ 8 месяцев назад

After Tom Selleck tells viewers that they don't want to take your house the small print appears, telling viewers of the many ways they can (and probably will) foreclose on your house. Selleck should be ashamed. Oh, and modern reverse mortgages are actually just home equity loans. Does the number 2008 ring any bells?

@kingayy9267 8 месяцев назад

A bank will never offer money without it benefiting them.

@flarvin8945 8 месяцев назад

@@kingayy9267of course, they are not a charity. They are a business, which don't offer services or products without a benefiting themselves.

@ryanvoelker6178 8 месяцев назад

@@kingayy9267amen

@apierion 8 месяцев назад

@@kingayy9267yeah….that’s how business works 🤷‍♂️ but certainly instruments like this one shouldn’t be allowed in their current form.

@adammbowman 8 месяцев назад

@@kingayy9267That is the cost of doing business. But, I do agree that the price of this business is out of control.

@emiliog.4432 8 месяцев назад

You know there’s a problem when Tom Sellek has to start with a disclaimer and qualifier. It’s also a tell that his career is over.

@Don-tj6pb 8 месяцев назад

I used to like him.... UT I bet he's a Trumper!!!

@LindaC616 8 месяцев назад

@@Don-tj6pbalmost certainly. NRA definitely

@cesiba1 8 месяцев назад

What career? Last role that I can remember is Boston legal

@LindaC616 8 месяцев назад

@cesiba1 lol, Blue Bloods has been on for a while, I think. I don't watch it, but know right-wingwrs are in a rage that it's been cancelled

@lupanellise9275 8 месяцев назад

@@LindaC616 Blue Bloods has 275 episodes!

@123JWJWJW 8 месяцев назад

My father didn't take care of himself and wound up with high amounts of medical bills. To pay them, he did a reverse mortgage without my mother's consent. He died 5 years ago leaving my mother with the reverse mortgage among a whole lot of other hidden challenges. It is a split level house that she has trouble getting in and out of and taking care of. She's still trying to get into things that he left and clear herself out of his mess. She doesn't care about the house anymore making it an even greater horder's house with appliances that don't work. It's impossible to help her as she constantly says "why? The bank is taking it anyways."

@spicycopper2436 8 месяцев назад

If the Reverse mortage is in only the one spouse name and that spouse dies, the other spouse could be kicked out of the house and force to sell the house. Before 1999, Texas didn't allow Reverse Mortage. In 1999, Texas started to allowing reverse mortgages, but with uniquely stringent rules to ensure the protection of homeowners. Please do a detail research before getting a Reverse Mortgage and learn how your state will protect you.

@georgelionon9050 8 месяцев назад

but the horse!....

@reneeguidaboni2179 8 месяцев назад

Please get the facts straight. The remaining spouse DOES NOT get kicked out of the house!!!!!!!!!!!!! That is NOT how these loans work anymore!

@melindahipp5558 8 месяцев назад

ALWAYS do a detailed research on any mortgage. States don't necessarily protect you on that much, but spouses cannot be "kicked out" of the house unless you have a very old form of the reverse mortgage. In texas, you must both be 62 and if you are married, you must BOTH be 62 and on the mortgage. You cannot opt out. In other states you can opt out, but you are stil protected.

@Emanon... 8 месяцев назад

"I wouldn't be here if reverse mortgages took advantage of _any_ American senior" That's true. They take advantage of _every_ American senior.

@melindahipp5558 8 месяцев назад

You are randomly speaking on a topic that you have not been educated on or know nothing about. Reverse Mortgages have more stringent requirements than regular mortgages. They have counseling requirements and all borrowers go through 4 sets of detailed proposals, guidelines and understandings before they even sign. this is an FHA, government insured home loan. If someone chooses to utiilize the program it is of their own free will.

@Emanon... 8 месяцев назад

@@melindahipp5558 It's a joke. But I'm guessing you work in the business, otherwise you wouldn't be this triggered. Now, kindly take your faux outrage and go convince people to bet against their future prosperity.

@lw3269 8 месяцев назад

For a single person with no kids and no one to inherit their homes, it's not a bad thing. If they can use the money, let them do so. But if families lose their inheritance over a few years of payments, then it's borderline criminal.

@yandirn2478 8 месяцев назад

Agreed. I say that reverse mortgages are for people who don't have heirs or hate their kids.

@reneeguidaboni2179 8 месяцев назад

Unbelievable...you'd rather your parents be destitute, so you can have an inheritance? A reverse mortgage is not criminal. Its a loan. Just like any other mortgage. You borrow the equity in the home. Pay it back at the end, when you sell the house or you die. Simple. Or, your parents could make their kids pay their debts earlier by having them pay for those monthly expenses that the reverse mortgage would have covered. If there are expenses (typically medical…) that need to be paid, money has to come from somewhere. It’s least disruptive to everyone if it comes from the equity in their house. Or sell the home, move in with one of your kids, and use that money to pay monthly bills.

@lw3269 8 месяцев назад

@@reneeguidaboni2179 Which bank do you work for?

@reneeguidaboni2179 8 месяцев назад

@@lw3269 I'm a broker - I work with all lenders

@erich6860 7 месяцев назад

If sickness and the cost of healthcare does not take your estate away from your children, A reverse mortgage 100% will.

@KoRntech 8 месяцев назад

When Tom Sellek has to state they wont take advantage of people?

@TolstoyPlastic 8 месяцев назад

MASSIVE RED FLAG

@davidguelette7036 8 месяцев назад

The line that amazed me was Selleck claiming that reverse mortgages were cool because Ronald Reagan signed the legislation. R.R.who would have been charged with treason if not for Oliver North.

@jay1hi547 8 месяцев назад

@@davidguelette7036I immediately thought of that episode of American Dad.

@Unqualifiedtake 8 месяцев назад

Debt can't get passed on to anybody unless they agree to take liability. Not sure why this myth persists

@medusagorgo5146 8 месяцев назад

Exactly, I don’t expect my kids to pay my bills and I won’t pay for my parents debt after they die. When my exhusband died, my daughter started to receive his debt bills, this “man” hadn’t been in her life since she was 3, lol. These companies need to stop.

@melindahipp5558 8 месяцев назад

CORRECT!!!! Debt is never passed on. NO ONE reads anymore. READ THE LETTERS, READ THE DOCUMENTS, be involved in your parents lives!!!!!

@shangerdanger 8 месяцев назад

my grandma did this with her house like 30-40 years ago just for $10k, but didn't make payments on it so after she just passed her house wasn't ours. really unfortunate

@reneeguidaboni2179 8 месяцев назад

So the money she received from the reverse mortgage wasnt' worth it? Would one of the family members have given her the money instead? Is it written somewhere that you "deserve" an inheritance? Geesh..the entitlement!!!

@agathac6187 8 месяцев назад

@@reneeguidaboni2179The company got the house for 10K...talk about entitlement! Sheesh!

@gattillynx 8 месяцев назад

@@reneeguidaboni2179that really isn't what he was saying at all.

@reneeguidaboni2179 8 месяцев назад

@@gattillynx - Isn't it?

@erich6860 7 месяцев назад

@@reneeguidaboni2179 That is not an entitlement!!!!!!! it is an expectation. No different then when I expect my belongings to be my child's when I die. They are not some entitled brat because they expect to inherit what I want them to have that I worked my whole life for. I'm not sure what makes you cry "entitlement" in this situation.

@tammyjantzen9004 8 месяцев назад

As I'm sitting here watching this on my phone, Tom Selleck is on the TV trying to sell me a reverse mortgage. Lol! That commercial runs constantly!

@kenc2257 8 месяцев назад

Reverse mortgages are VERY lucrative...for the lending institutions. They typically have higher lending fees, high closing costs, and usually require mortgage insurance. Also, reverse mortgages can have higher interest rates than traditional mortgage loans or home equity loans. Most financial advisors would advise a reverse mortgage only as a last resort. Better to downsize to a smaller home, or get a home equity loan (if the borrower can make the payments).

@shards0fwords 8 месяцев назад

Excellent, not sure why “how to get rid of a horse”made me laugh so much

@gabrielmaroto18 8 месяцев назад

I’m not doing this because I need the money I’m doing this because I want the money. Word!

@lydias2012 8 месяцев назад

Not the best deal but it allowed my parents to live in their home until the end of their lives with home care. It did not leave much for us but in the end it was their money not ours.

@richardelliott8352 8 месяцев назад

managing debt intelligently is the key, as your folks demonstrated. . I used to have a great self made millionaire landlord who told me that debt is only an indicator of future wealth. Which was true for him, he was quite a guy. but as you well know, a reverse mortgage will never have that type of outcome, and a lot of people , unlike your folks, can't even manage a credit card. plus with half of the nation reading, on average, below the twelfth grade level, it would be nice if people had financial advice before answering a TV pitch of such import.

@yandirn2478 8 месяцев назад

This. Both my grandparents (divorced with separate homes) did reverse mortgages. My grandfather died within a year or so of doing it and my uncle was able to get approved for a mortgage and buy the home. My grandmother bought her home in 1969 and got a reverse mortgage in the early 2000's. I bought the house from her in 2021 for an amount that paid off the reverse mortgage and provided her with a nearly six figure pay out.

@melindahipp5558 8 месяцев назад

Correct Lydia thank you for saying that. THE HOUSE and the money is theirs!!!!!!

@JohnDoe-mx3rr 8 месяцев назад

But what they don’t say is a lot of these people live off ssi only and reverse mortgage is the only way they can stay in their home without burdening their kids. I work in the healthcare industry and this what I see. It better than renting with only ssi as there was there only income.

@melindahipp5558 8 месяцев назад

That is correct John Doe. Folks don't read and don't understand that home equity is the LARGEST portion of a senior's portfolio in retirement. THAT IS YOUR RetireMENT, use it!!!

@kenc2257 8 месяцев назад

Most financial advisors would recommend downsizing BEFORE obtaining a reverse mortgage, but people understandably have strong emotional attachments to their homes. Also, some homeowners won't have the wherewithal to downsize, as that takes cash outlays too.

@kathyfritz9962 8 месяцев назад

My elderly parents got a reverse mortgage without consulting anyone. Now, we will be lucky to get enough from selling their house to cover it

@agathac6187 8 месяцев назад

Ditto with my MIL (who loves Tom Selleck.)

@reneeguidaboni2179 8 месяцев назад

If there isn't enough equity to cover the loan, the estate nor the heirs will be responsible for the debt. I wish people would get the facts on these loans before spewing such misinformation.

@agathac6187 8 месяцев назад

@@reneeguidaboni2179Do you sell these rip off loans? My MIL will die soon and the reverse mortgage company will get her house. I'd say they took advantage of her.

@agathac6187 8 месяцев назад

@@reneeguidaboni2179"There are a number of reverse mortgage scams that prey on seniors who need cash to cover living expenses." Quote from Forbes.

@reneeguidaboni2179 8 месяцев назад

@@agathac6187 - I do sell these. I'm sorry you feel this way. The funds that your MIL received from the reverse mortgage - who would have funded that if she didn't have the reverse? You? Were you going to fund her spending during that time? The reverse lender will only get the house if you don't pay the lien off...like ANY other mortgage. ITs a loan. The loan must be paid off.....

@M_C79 8 месяцев назад

It boggles the mind that this kind of predatory practice is allowed at all.

@dan_hitchman007 8 месяцев назад

It boggles my mind that you would think politicians would ever work to stop this predatory practice. They are bought off to ignore the problem.

@reneeguidaboni2179 8 месяцев назад

Define predatory? How exactly is the bank acting in a predatory way?

@kenc2257 8 месяцев назад

The banking industry has a very powerful, well-funded lobbying mechanism. They spend millions to influence legislation--$22 million in the first quarter of this year/2023. They obviously spend a lot of money on "advertising."

@moopsi-pupa 8 месяцев назад

Recently Family guy also did a parody satire on tom seleck & reverse mortgage.

@okrajoe 8 месяцев назад

Now that you mention it, I could use a horse!

@danmatonic8923 8 месяцев назад

Love Michelle Wolf! Make her permanent.

@joycemoore8098 8 месяцев назад

clearly, moral of the story #1 is; PARENTS - talk to your kids FIRST before making such decisions. my mother, in particular, hid and actually LIED about all sorts of things which only served to cause dissension among us kids in the end. this deception on her part did nothing more than drive us kids apart at a time when we really needed to come together.

@AdrianColley 8 месяцев назад

So how does a reverse mortgage (which means an annuity and life tenancy in exchange for a prearranged sale of the property on death) end up inflicting debt on the children? Do I have to wait for John Oliver to explain?

@user-go9bk2vp5k 8 месяцев назад

No debt can be passed onto children. This is false.

@melindahipp5558 8 месяцев назад

Hello @adriancolley There is no "prearranged" sale of the property. This is a regular mortgage. title remains in the borrowers names and is passed onto the heirs or estate. the estate can decide what to do with the house and the mortgage just like any other mortgage. they just have to do it in a certain amount of time. NO debt is passed onl

@penguinista 8 месяцев назад

Who would have thought Tom Selleck would sink so low? Depressing.

@story3877 8 месяцев назад

So you haven't seen blue bloods, I take it. 😆

@southamericanredneck9471 8 месяцев назад

He's garbage to me, now.

@dan_hitchman007 8 месяцев назад

Mr. Selleck has done some other shady things in the past, so I am not surprised.

@kenc2257 8 месяцев назад

I would bet he's paid very, very well for doing those commercials... Remember Fred Thompson? He was an actor, a lawyer, and an ex-senator, and he ALSO made reverse mortgage commercials--those lenders are paying top dollar for their spokespeople, because these reverse mortgages are so lucrative.

@neonflights5951 8 месяцев назад

Oh man, I want my very own Bojack Horseman! I'll hug him and brush his mane and tell him no more hard drugs or alcohol and help him with his struggling Hollywoo career

@liiammiller7881 8 месяцев назад

Family guy just did an episode about reverse mortgages and tom. 😭🤣

@anthonyfigueroa9643 8 месяцев назад

One more day of her is not enough 😢. She so so funny 👍🌟🌟🌟🌟🌟

@jonosono 8 месяцев назад

2:51 the opposite of unintentional censorship? love it! could be a fun new segment😂🤣

@kennethjohnson2983 5 месяцев назад

I've noticed alot of commercials on television now that want to buy your home outright, then what they do is rent that home with a higher than normal price that average people can't afford.

@bubblesezblonde 8 месяцев назад

Enjoyed your week in the chair Mz Wolf. Thanks

@jfu5222 8 месяцев назад

The horse is a white elephant!

@Yowza78 8 месяцев назад

What if you don't have children? I made the wise investment to live childfree and travel a lot. And personally, I don't care what happens to my debt after I die. Is a reverse mortgage right for me?

@user-go9bk2vp5k 8 месяцев назад

Seems it would be if you want to stay in your house until you die instead of selling. I'm a Mortgage Broker and can run numbers if you're at least 62 and would like to see if it makes sense.

@daytonapeanut 8 месяцев назад

Finally, now I know what a reverse mortgage is!

@alanbailey5621 8 месяцев назад

I have a reverse mortgage and it is great for my situation.

@ellengrace4609 8 месяцев назад

I’m not sure what the downside is, other than your kids lose their inheritance. I’m single without kids and I’d honestly consider a reverse mortgage someday if I needed money.

@brettrogers4200 8 месяцев назад

It’ll catch up to you

@ellengrace4609 8 месяцев назад

@@brettrogers4200 How Exactly?

@gcro9206texanforever 8 месяцев назад

@@brettrogers4200catch up to you? While you live in the house, you need your pay taxes and insurance. That’s all. You receive either a monthly payment or a lump sum. When you move out, repayment will begin. Your heirs will get the equity after the reverse mortgage is repaid.

@Apo0 8 месяцев назад

Sadly my mother had to get a reverse mortgage after my father died because we had all been taking care of my sick father. So none of us had jobs and it's hard to find a job in my state., especially if you are female.

@USGrant-rr2by 8 месяцев назад

Could have probably just sold the house.

@Apo0 8 месяцев назад

Then where would we live? We don't have the money to move or go anywhere.@@USGrant-rr2by

@aceofaces0007 8 месяцев назад

The reason why these ads for reverse mortgages target seniors is because only seniors can qualify for them. That being said, they absolutely cannibalize whatever equity and value you have in your home in exchange for a monthly stream of income that immediately has to be repaid when you die, which saddles the estate with the headache of debt that your children have to deal with.

@stephen3164 8 месяцев назад

Alternatively, the seniors could saddle their kids with debt earlier by having them pay for those monthly expenses that the reverse mortgage would have covered. If there are expenses (typically medical…) that need to be paid, money has to come from somewhere. It’s least disruptive to everyone if it comes from the equity in their house. Or sell the home, move in with one of your kids, and use that money to pay monthly bills.

@reneeguidaboni2179 8 месяцев назад

@@stephen3164 - ABSOLUTELY! Hit the nail on the head!! Thank you for this!~

@kenc2257 8 месяцев назад

@@stephen3164 Got to be careful with medical bills. If the parents are on some kind of "means-tested" health insurance program, like Medicaid, reverse mortgage funds could DECREASE their government benefits, or even make them ineligible. Hopefully, someone is looking after the parents (someone besides Tom Selleck, I mean).

@BenjamenMcCauley 8 месяцев назад

Michelle as Selleck looks like John Mulaney with a mustache.

@gregoryfoster8179 8 месяцев назад

yeah I lost all respect for Selleck when he started that. I was a realtor and saw many folks who had got involved with those w/o understanding their purpose and the consequences. Funny how the banks don't sell them properly and don't get hammered by the regulators. NOT!

@reneeguidaboni2179 8 месяцев назад

Lots of misinformation here....

@toddhanley 8 месяцев назад

Gregory, how about that commission lawsuit where the National Association of Realtors was convicted of manipulating the housing market and property values? Don't let a couple of bad actors ruin a great financial tool for those who understand it and work with ethical professionals who care.

@Mampersand 8 месяцев назад

Now I know what John Mulaney is like when he’s not “on.”

@savagepro9060 8 месяцев назад

The Daily Show, horsing around as usual! And this came from the horse's mouth🤭🤭🤭

@user-px4dx7yi3x 8 месяцев назад

Your videos are always so professional, I can tell you take this seriously.

@lga9046 8 месяцев назад

My grandparents put their house on a reverse mortgage. Everyone in my family passed away, and now the bank owns their house. All my photos and family relics are inside that house.

@bullpup1337 8 месяцев назад

pretty sure the photos were not part of the contract, so you should get them?

@reneeguidaboni2179 8 месяцев назад

Seems we are missing MOST of the story here, as a bank does NOT want your photos.... the heirs have up to a year to decide what they want to do with the home. The bank does NOT take the home immediately after the borrower passes.

@busyrand 5 месяцев назад

That part with the ashes was very poor taste...

@ptrathos 8 месяцев назад

My grandma signed a reverse mortgage in hospice while on morphine . My mom lost her childhood home.

@reneeguidaboni2179 8 месяцев назад

Seems unlikely.....

@dayegilharno4988 8 месяцев назад

:) Brilliant, Michelle. Give the writers a raise, and have a pint on me yourself!

@whiskyjames4200 8 месяцев назад

She or Desi are my pick for the open and unfilled spot.

@christopherton 2 месяца назад

Can’t we agree that for many people this type of loan might work well and for others not so much

@c0l0jar0 8 месяцев назад

I wish this clip had more info though

@tsarfox3462 7 месяцев назад

Yeah it's just a second mortgage designed to scam old people. Does anyone not know that?

@ow5223 8 месяцев назад

Comedy central, you found your new host!! She is PERFECT for the daily show!! Pleeease

@Jugivadi 4 месяца назад

Ever seen the closing statement for a loan? A $100k loan pays back a total of nearly $300k. Do the math. It doesn't add up.

@josephbelisle5792 8 месяцев назад

Its insane. You buy a house for 100k. You take out a 30 year mortage. You end up paying 200k. Then after owning your own home for some years you do a reverse mortgage for less than 50k in return. You just put 150k into wealthy peoples pockets and now you have nothing. They do the reverse mortage based upon the value of your 100k house. They dont want your house. They dont care if your house is now worth 75k. You signed for 100k. They want the 100k. Not your I house. You have to sell your house. If all you get is 75, you better come up with the 25k from somewhere else. Maybe you have the 25k left from the less than 50k they gave you. So now all you got from from decades of hard work is less tha 25k that you spent trying to keep utilities on. So if you want to spend your life working to give banks twice the equivlant of your home, get a reverse mortgage. Its not illegal. Its not a scam. Do it if you have no choice. But FU Tom Selleck and Henry Winkler for selling toxic products to elderly people in trouble.

@user-es3bk4oq5h 8 месяцев назад

If your house is underwater when the time comes for the banks to be paid back (usually happens when the senior(s) pass away, the Govt takes the loss, not the heirs or the client. It is more than just a last resort option, if you wait that long you may not qualify.

@Pewpewpewme 8 месяцев назад

Her walking out with that mustache KILLED MEEEEEEEEE

@TheMissnola 8 месяцев назад

I'm not in the US but wasn't reverse mortgages a big part of why the 2008 recession happened?

@reinman1987cancer 8 месяцев назад

I think that was caused by cdos and credit default swaps. All of its a scam

@scootypuffjr.6042 8 месяцев назад

no, that was ninja loans, No income no job application. Also rates went up on Adjustable mortgages

@kentstate1244 8 месяцев назад

@@scootypuffjr.6042 yes, my bank called those drug dealer loans, lol.

@cheezykrafts8134 8 месяцев назад

It was the crash after the "sub prime loans" era. Although, sub prime loans weren't predatory on their own. It was the banking industry that was predatory, giving loans to anyone for a house just because it was government backed. So it didn't matter to the banks. They'll just repossess your house and have the government reimburse them. I got one and it allowed me to get my first house and into the housing market at age 23. Anyone who defaulted on their sub prime loans is just an idiot that took out too much loan. I took what I knew I could afford and got roommates. I don't need a bank to tell me how much I can afford. Still digging myself out of the hole the last lender left me in because of the situation they forced me into in order to get my last loan.

@coyoteclockworkstudios3140 8 месяцев назад

Nope. I worked at Indymac at the time, which was the first domino to fall over. I was hired to work reverse mortgage customer service about two months before it happened, and reverse mortgages were the only nontoxic assets of the company. Old people got money to pay their medical bills. Does it steal from the kids? Absolutely. Is it legal. Also: absolutely.

@hoosiermama3001 8 месяцев назад

I wish people did research. Young people don't think anything that happened before they were born is important. Reverse mortgages were created during the AIDs crisis of the 80s when patients could not afford their medications. Their only asset was their home, but if they sold it, they'd have no place to live. So they "sold" it while being allowed to live in it until they died. Yes, 2 very important things that need to be fixed are the high cost of prescription meds and the unethical practices some reverse mortgage companies use. But they do serve a purpose and are the right answer in some situations.

@worldsheaviestjamband93 8 месяцев назад

Well a quick search on the internet says that’s not true…

@reneeguidaboni2179 8 месяцев назад

@@worldsheaviestjamband93 - Please don't rely on the internet for your reverse mortgage information. There is SO MUCH misinformation out there, for the layman, it is hard to discern. And this skit only exacerbated this.

@jimmysanchez7687 8 месяцев назад

Anyone else notice how much she looks like John Mulaney? Just me?

@adelaferreira4575 8 месяцев назад

Banks never loose any money ,reverse mortgage is a clever tool to take older people assets, yes they give them a little money to live on and in return the bank takes whatever equity is left of the house,it’s smarter and cheaper to take care of your parents and keep them home ,but not everybody is willing to sacrifice their time !

@reneeguidaboni2179 8 месяцев назад

This is such a poor response....your are very misinformed. The bank DOES NOT take all the equity in the home. That is NOT how a reverse mortgage works. And most people have jobs, and cannot take their parents in to care for them.

@melindahipp5558 8 месяцев назад

THE BANK NEVER takes the equity that is left. this goes to the heirs once they inherit and sell the home, or they can keep the home and buy it back. But they don't have to and they owe NOTHING back.

@dalesnider8040 8 месяцев назад

That was awesome.

@omegaXjammur 8 месяцев назад

Family Guy did an episode on this recently. Great to know that I shouldn't listen to Tom Selick

@kathleentucker1238 8 месяцев назад

A renter for life! Being possessed by one's possessions is not freedom IMHO.

@TurnedBLACK3weeksVSAgentORANGE 8 месяцев назад

Reverse mortgage but with a horse! 😂

@AmyNewman 8 месяцев назад

Yes.

@hijinks21 8 месяцев назад

They basically stole a family guy episode

@JohnTLyon 8 месяцев назад

But the horsy will fertilize your lawn!💩💩💩

@livinb450 8 месяцев назад

There isn't anything wrong with reverse mortgages. #1 NEVER UNDER ANY CIRCUMSTANCES DO HEIRS INHERIT DEBT. NEVER. They do inherit whatever equity is there. only equity.. #2 The reason homes gets in default and foreclosure is the borrowers don't maintain property insurance or they don't pay their property taxes. The same reasons any home would be foreclosed upon. #3 These people can't afford their life with-out making some major change, like selling and moving to an apartment, or bringing on renters to share their expenses. A reverse mortgage makes their home payment zero, in exchange for the balance going up every month. #4 All reverse mortgage borrowers must take a class that educates them on the risks and rules. NOW, there is a real problem with mortgage officers being free to try to make larger commissions thru a worse deal for their consumers. So, starting a reverse mortgage can have high fees. It is the same as an FHA forward mortgage, rate wise. it just an FHA loan with the balance going up cuz you don't make payments.

@j.frankparnell.radiation 8 месяцев назад

Man that dress makes you look more beautiful, Michelle

@markgigiel2722 8 месяцев назад

I guess Roy Wood Jr. wasn't available for the skit.

@tuckerbowen4626 8 месяцев назад

awfully small blur for a horse

@cherylmcnutt9905 8 месяцев назад

The answer: YES.

@Sarbet888 8 месяцев назад

Better to sell your house than surrender to the bank using a reverse mortgage.

@kenc2257 8 месяцев назад

Sure...if you can move in with your kids, or are up to looking for a smaller, more affordable place. House hunting could be a "bridge too far" for an elderly couple/individual. I think most financial advisors would suggest downsizing your home, if possible, BEFORE obtaining a reverse mortgage.

@sunshine3914 8 месяцев назад

To be kind… isn’t up to par.

@malcolmxxx86 8 месяцев назад

since your house has been paid off for years, and you collect social security and might even have some savings, then why would you need this?

@agathac6187 8 месяцев назад

You spend all your savings and can't pay bills because SS is not covering everything.

@kenc2257 8 месяцев назад

I would think medical bills...things that Medicare or other health insurance doesn't typically cover (maybe like extended long term care?). Some people don't want to move in with their kids...

@mellowyellow2576 8 месяцев назад

"the bandit" nah scam never!

@nadeemb3300 8 месяцев назад

I only know that Tom Selleck ad from Family Guy

@mickylawless1941 8 месяцев назад

Shame on Tom Selleck!

@Wonderingmillenial 8 месяцев назад

Seniors helping scammers con other seniors!

@reneeguidaboni2179 8 месяцев назад

It's stuff like this, with ALL MISINFORMATION , that give reverse mortgages a bad name. They are NOT scams....I assure you.

@joshfactor1 8 месяцев назад

yes

@heristyono4755 8 месяцев назад

Ever wondered why usury is haram?

@Dr_1212 8 месяцев назад

Miss Trev

@julesbower762 8 месяцев назад

of course it is a scam look at what time of day their adds run look at what channels, host those adds. Any who think it is not a scam... well there is one born every minute...

@reneeguidaboni2179 8 месяцев назад

Sadly, you and many others are misinformed. This is NOT a scam. It is a way for seniors to access the equity in their homes. Hence, advertising during the day, when seniors are home.

@julesbower762 8 месяцев назад

you are a fool and seek others I am no fool move along MAGAt @@reneeguidaboni2179

@blankcityaudio 8 месяцев назад

She lowkey looks like Ken Burns with a moustache in that skit.

@savagepro9060 8 месяцев назад

Neigh is Nigh!

@viviorko 8 месяцев назад

The only reason why Tom lives because I and many others have not found him yet.

@ronwade5646 8 месяцев назад

Tom Selleck steals water in California.

@dan_hitchman007 8 месяцев назад

Yep.

@35mmpistol 8 месяцев назад

DEBT IS NOT INHERITED.

@user-es3bk4oq5h 8 месяцев назад

Reverse Mortgages are not scams. That's a common misconception. They are among the safest loans in the country and are Govt Sanctioned. Heirs are not left in debt as they have the house to leverage (its still their house) and there are only a few ways one can lose their home (which are typically the same as other traditional mortgages, i.e. not paying prop taxes). In truth, these types of videos peddle people away from a tool that can genuinely help them. They aren't for everyone, but they are for a lot more people than will pay attention to them cuz of things like this. Investigate the details and you will see how many seniors lives would be changed by it.

@stephen3164 8 месяцев назад

Exactly. If the person needs money, it has to come from someplace. Selling the home is one option, but then you need a place to live, and moving isn’t easy. As long as the interest rates aren’t far off from mortgage rates, it’s not a scam. (I took out a new credit card bc I got $50 off my purchase - but the credit card has 29.99% interest rate!! I made the payment a few days after getting the card - carrying debt at 30% interest is a fast way to go broke!)

@user-es3bk4oq5h 8 месяцев назад

Correct, and its not just a tool to get quick and easy cash. Its meant to help seniors long into retirement. Many do not have dependent children and are paying a mortgage with no return on investment; just to leave heirs with a bit more equity but spend their lives making payments they can't afford. This allows them to live comfortably in their home and in most cases still leave a considerable amount of equity at the time of their death. Remember that even though their loan balances rises as they don't pay, so should the value of their home. @@stephen3164

@robertforman3494 8 месяцев назад

Better watch out for that shared appreciation clause though, huh?

@user-es3bk4oq5h 8 месяцев назад

There is no shared appreciation clause. That's more common of modifications, or of hard money lender. Not on the HECM Reverse Mortgage.@@robertforman3494

@kasondaleigh 8 месяцев назад

👍👍

@h2amster328 8 месяцев назад

michelle wolf is oddly handsome

@lesliesanderson7494 8 месяцев назад

I wouldn't trust anything if tom selleck is hawking it.

@CZpersi 8 месяцев назад

Only if you throw in some skunk timeshares.

@Muhammedlaminjobarteh-xz7fb 8 месяцев назад

Hahahah

@user-wt5bo7zd7y 8 месяцев назад

This show is so cringe. Aligned with the UN/WEF have fun not owning propety house, or car, or pet. They will all be taken from you and youll be happy

@anonymousmortgageprofessional 8 месяцев назад

most of these responses are based on mis-information. The HUD HECM which is the predominant Reverse Mortgage in the US is a non-recourse loan that allows the senior to exchange their equity for increased cash flow which results in them improving their lives and lifestyle. The property is the collateral for the debt and if it were to ever be more than the value, no one is responsible for it. If the loan comes due because the borrowers no longer occupy the property as their primary residence, like all other mortgages, the equity belongs to the borrowers or their estate if they have passed. They are heavily regulated by HUD, Federal lending laws and each state's mortgage laws. Before a borrower can begin the process they are required to get counseling from HUD approved counselors and if they are married, they cannot do the loan without the spouse being aware (there were some changes in 2014 that corrected some items that did cause issues).

@kenc2257 8 месяцев назад

Melinda and Renee (and Tom Selleck) have already said as much. What's in the "fine print" is that these reverse mortgages are EXTREMELY expensive, with high fees, mandatory insurance, and typically HIGHER interest rates than standard mortgages. Prospective borrowers really should consider OTHER, less expensive options.

@anonymousmortgageprofessional 8 месяцев назад

@@kenc2257 the real question is what are you comparing them to? The HUD HECM is a non-recourse loan with no required P & I payment that has a growth factor tied to any funds in the line of credit and will stay in place as long as a borrower occupies the residence as their primary property. The MIP (what you refer to as mandatory insurance) paid to HUD guarantees that the benefits will continue even if the lender and servicer are no longer in business plus HUD takes over management of the loan once it gets to a certain point. HUD mandates certain things that cause the closing costs that are normally based on the loan amount to be based on the value of the property which does cause the closing costs to be higher than a standard agency or other type of "forward" mortgage - keeping in mind that those mortgages do not have any of the features a HECM has. The interest rate is adjustable and roughly the same as those on the forward side. the current HUD HECM is based on the 1-Year CMT plus a margin and all come with lifetime caps usually set a 5% over the start rate. All mortgages require homeowner's insurance. The bottom line is that it is not for everyone but it does allow a senior to age in place and have increased cash flow which ultimately enables them to improve their lives and lifestyle and yes, it is in exchange for the equity in the property.

@Think4yourself8000 8 месяцев назад

I have that jacket but not the mustache it’s as if someone is using the chaos magic manual (mCconnelnand trump appear to use it too neato!) to make these scripts. You think they’ll still work to punish Selleck for saying it’s not his first rodeo when clearly it was or actually do something worthwhile?!? Lighten up - if a woman said it’s not her first rodeo once maybe she had to hear it as naseum before using it and it was funny then not as much 12 years later with the gangstalking dont keep helping the fascists…. You are better than that, I’m pretty sure but evidence would be nice.

@Muhammedlaminjobarteh-xz7fb 8 месяцев назад

She is not that funny 😁