I getting very tired of these Fred Thompson Reverse Mortgage commercials.

[Lint Head]

I sincerely doubt a rich right wing movie actor like him has actually taken out or needs a reverse mortgage. He actually says, "Take it from me..." As if he knows from personal experience a reverse mortgage is the thing to do. I know some of you may know someone who has done this or maybe you have done this yourself. It's not something one should do lightly. If someone needs a check every month because they have little income it could be an option.

Here's the deal. It's an annuity. It's the same thing as you taking your savings, giving it to a financial institution or insurance company and they give you a check based on the amount you give them divided by the average lifespan. $50,000 will get you about $300.00 a month. If you have an expensive house that is paid for, say $500,000, you would get quiet a lot. The thing is they are betting you will die before the money runs out. They also make interest.

If you have an expensive house that's paid for you're rich already.

People who do this give up control of their property and equity. In this economy it's a the wrong thing to do.

"A reverse mortgage should be the last option, not the first, when all else has been exhausted. If you're talking about a family with younger members of means, it is generally better to have them financially help out aging relative than to have a broker or salesperson take advantage of the senior with a reverse mortgage." Clark Howard

[zbdent]

1. wasn't there some prominent Republican talking crap about

how "to make it in Hollywood, you pretty much have to be gay"?

[slackmaster]

2. You always have the option of changing the channel

Or turning the TV off entirely.

[izquierdista]

4. Or going to YouTube

This should bring a smile: http://www.youtube.com/watch?v=1CWaUM3kxfA

[Lint Head]

9. Yep. Nixon knew he was an idiot.

[Lint Head]

7. It's on every channel, even the ones I like.

[Bluenorthwest]

3. While it is a job for scummy shills, I love seeing Fred do them

It says so much about the Republican Party. Remember last cycle, for many months he was considered a big contender, he had a 'new campaign style' and some, even some Democrats, were sure he would stroll to the nomination because of his television recognition factor. Instead, he's doing the very definition of washed up, last ditch endorsements. Says much about GOP discernment powers.

[Lint Head]

6. Right on!

[BumRushDaShow]

5. I always keep expecting him to fall asleep mid-sentence!

:rofl:

[morningglory]

8. At least it's not salad spinners. nt

[demigoddess]

10. I figured it was more like a home equity loan. You pay interest

on the money, you have to pay to keep the house up, you have to sell the house to pay them back which means that you have to bear the cost of selling the house, which lowers what you get out of it. And if you sell the house and pay a big chunk of it to the bank, what are you going to use to pay for your nursing home?? the only way I would do this is if I were terminally ill and would die in one or two years. Nothing else would get me to do this.

[Paper Roses]

11. Take it from someone who knows. Run as fast as you can

away from a Reverse Mortgage.
If you have no heirs, maybe it is worth it. I have one and am afraid of a raise in interest rates. That will drive the interest I pay on this RM and eat up the equity even more.
Consult an accountant or lawyer before you take out a RM.

[elfin]

12. Not just him -- also Robert Wagner

Must be a scam and both of them must feel they need some gravy to shill for this.

Also must be some big money in this. Taking a reverse at these market prices now, with the attendant "hidden" costs is not a good idea.

Only benefits the company -- not you or your family. I hate this.

[maryellen99]

13. I think Henry Winkler (the Fonz) has done one too nt

[bhcodem]

14. Reminds me of a bobble head

Not sure I agree with the premise of reverse mortgages, but what really gets me is the way he keeps nodding his head to accentuate what he's saying. Must give him a headache...it sure gives me one.