If reverse mortgages allowed seniors to take out a set amount every month (aka a monthly draw) in exchange for no mortgage insurance, and if reverse mortgages did not force the name of everybody but one person off of the deed (including other family members), I would say it was a solid program.
Unfortunately, Reverse Mortgages don't offer a set monthly draw option in exchange for no mortgage insurance, and reverse mortgages do force everyone's name off of the deed, but one. Imagine being the widow or widower and the reverse mortgage was in the name of the recently deceased, not a good thing, that is for sure.
It's a shame we can't do something truly honorable for our vets and our seniors and offer a reverse mortgage program that in exchange for an agreed upon monthly draw has no mortgage insurance premium and does not force others off of the deed.
Instead, we have companies hiring former presidential candidates such as Fred Thompson and retired World War II veteran Vincent Speranza to promote reverse mortgage programs as they presently stand.
We CAN do BETTER for our veterans and our seniors than what this AAG Reverse Mortgage commercial is presently enticing viewers to do, which is pay that ridiculous mortgage insurance fee AND take a spouses name off of the deed. (scan over blank space below to see commercial)
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