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View Diary: Reverse mortgages: The final blow killing middle class wealth (276 comments)

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  •  Gooserock, I rec'd (4+ / 0-)

    your comment, but not all of us have kids to leave assets to. And some folks have no cash, but $200k in the value of their home. I wouldn't begrudge someone 'cashing out' a portion of that $200k. If a bank makes out in the deal, so be it. I'm leery of the reverse mortgage deal--but it is a good concept for some.

    Caveat emptor.

    The better I know people, the more I like my dog.

    by Thinking Fella on Sun Aug 18, 2013 at 08:52:41 PM PDT

    [ Parent ]

    •  "Caveat emptor" applies when real information is (0+ / 0-)

      disclosed to all parties. Mortgages, especially reverse mortgages, are pretty complex products.  Given that a large contributor to the recent 'housing crisis' was people being sold mortgages that were bad for them and for the banks and investors, we're not at the point of shrugging and saying "caveat emptor" or "let the market decide".  This industry still needs a lot of reform and customer protection laws and regulations.

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