Reverse Mortgage Video by AARP – Worth Watching!

Below is a reasonably informative video produced by AARP. It’s about 27 minutes in length but worth viewing all of it. Starts off slow but picks up interest a few minutes into it. AARP is to be congratulated on a fair and balanced piece. It’s about time somebody did it right!

Sheilah Kast, the hostess, makes a good effort at explaining reverse mortgages. But she incorrectly states that “… to find out if a reverse mortgage is right for you, you must talk to a reverse mortgage counselor.” This is simply not correct. You are never required to speak to a counselor just to learn about reverse mortgages. And when you do attend a session, the counselor does not/should not make any decisions for you. You should do your own homework and research … including speaking with a very experienced reverse mortgage loan officer. Get your info from a variety of sources and make up your own mind if a reverse mortgage is your best option.

Rep Barney Frank (D-MA) makes excellent points in rebuttal to an assertion that reverse mortgages are destined to become the next sub-prime lending mess. Frank also quickly debunks the unfounded recent public comments of the Comptroller of the Currency.

Peter Bell of NRMLA is a good spokesperson and discusses the code of conduct for the reverse mortgage industry. He also mentions recent changes that lowered fees and prohibited some kinds of past abuses practiced by a few unscrupulous individuals.

Consumers are very adequately represented by Suzanne Montezemolo, Center for Responsible Lending. She advocates for more extensive counseling and acknowledges that it is not the actual loan that could become a problem… it is often the inappropriate use of the money.

The most articulate, I think, is Mary Beth Franklin, Senior Editor at Kiplinger Magazine who is the last guest. She does, however, stumble a little in explaining the new HECH for Purchase product but does a great job overall.

Suze Orman Reverse Mortgage Video – Advice!

Here’s another good video – a very short one, too:

Subscribe to Reverse Mortgage Information by Email

Author – Robert H. Irving, CSA®
Senior Reverse Mortgage Consultant