Daytime TV is full of appealing ads for reverse mortgages. Usually some has been celebrity promotes the concept emphasizing you can stay in your home with no payments. I’m no expert on this, but I do know if it sounds too good to be true, it probably isn’t.
While there is a place for this financial tool, it’s not for everyone and it is not as simple as it appears. For one thing, the costs and interest rates are high. For another if you don’t do it right, your surviving spouse may lose their home.
If you are thinking about a reverse mortgage, you may want to use this calculator to see some sample costs.
QUINNSCOMMENTARY 
Another financial scam, thanks to a senile, Republican who was ACTING as President of the U.S. in the 80’s I guess he wanted to take care of some financial donor types. Pick on the old who don’t understand finance and you can be wealthy too! Same trap with annuities for the same sucker who manages to save a few thousand to use for the rest of their life. Then loose 6-10% right off the top for the sales commission. These ads are aimed at the unknowing.Too bad more people don’t have access to your knowledge & backround, or trust a good financial consultant who works on a fix fee, not relying on what they sell you.
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Thanks for this posting, Mr. Quinn. I certainly hope your readers are intelligent enough not to fall for this trap.
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