Reverse Mortgages

Greg · #1 (**permalink**) 12-15-2005, 12:15 PM

Well another LO had CE in this area and down in Florida their is a huge demand for reform driven by the federal government to start considering people's assets more in depth over the age of 62 before granting Medicare. (Nothing New)

It is primarily fueled by folks being asset rich and money poor.

For example Mr. Smith age 62 will receive 1600 from ssi. His 350k home is clear. He has no bills but a Wal-Mart card. (lol)

Legislature is suggesting mandating individuals in this type of situation get into a reverse mortgage to assist in getting insurance.

I think this is going to drive a huge debate and there are several supporters in government of such legislation.

Basically in a nutshell they want to cut back expense for those who have money and can afford insurance.

So it could spark a huge niche so study up on those types of loans.

Erik · #2 (**permalink**) 12-15-2005, 01:37 PM

That's interesting. The more the government gets involved the more they screw things up.

Greg · #3 (**permalink**) 12-15-2005, 01:45 PM

I think it would be a regulatory nightmare if this happens and someone from the government or HUD does not put their hands on each transaction.

Erik · #4 (**permalink**) 12-15-2005, 01:48 PM

Ugh... I don't even want to think about it.