I have had clients contact me, asking if they should get a reverse mortgage. They often talk about an ad they saw on TV, hosted by Robert Wagner, Fred Thompson or some other notable spokesperson. I have often wondered if they would get a reverse mortgage themselves. The stories are all the same, if you are 62 or older, you NEED a reverse mortgage and so often that is the furthest from the truth.
There are times that a reverse mortgage is a great solution, but prior to a final decision a detailed review needs to be done by a knowledgeable and trustworthy reverse mortgage specialist. The commercials will tell the listener to call a number and speak to the “so called” expert; most of these individuals that take these calls have one goal, to close a loan no matter what, even if it is a bad decision.
Below is an article about a Connecticut resident that got hooked by one of these commercials: