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View Diary: Reverse mortgages: The final blow killing middle class wealth (223 comments)

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  •  I don't see it as bizarre. (1+ / 0-)
    Recommended by:
    Happy Days

    That one earns beyond what is needed to provide for oneself, family, and retirement until death is not an anomoly. It is a common occurance, even if it only affects the so called middle class. What I understand from the diarist is that the banks and crooked brokers are vacuuming up this form of wealth as well, and that a scummy pol pitching for the brokers is more than a bit of irony.

    It's not a middle class versus the poor view, but rather the banksters and friends versus the middle class.

    “I’m able to fly, do what I want, essentially. I guess that’s what freedom is — no limits.” Marybeth Onyeukwu -- Brooklyn DREAMer.

    by chuco35 on Sun Aug 18, 2013 at 10:51:53 PM PDT

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    •  I'm not saying it wrong (2+ / 0-)
      Recommended by:
      bobtmn, chuco35

      for those who have assets at the end of life to leave some to their children, but it's not something that should be expected or looked upon as a right. The issue with reverse mortgages is complex--in very special circumstances they can be valuable, the problem is scum like the company referenced by the diarist who prey upon low-information consumers to sign them up for something that is not in their interest.

      Rather than banning reverse mortgages, what is needed is a robust consumer protection agency that regulates anyone offering financial services to the elderly, prosecutes abuses, and offers free, fair advice to those who need help in financial decision making.

      "All governments lie, but disaster lies in wait for countries whose officials smoke the same hashish they give out." --I.F. Stone

      by Alice in Florida on Mon Aug 19, 2013 at 10:40:13 AM PDT

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      •  If leaving your excess earnings is not... (0+ / 0-)

        ...considered a right, as far as the middle class is concerned, I fear the government scooping up this wealth. While I believe a hefty inheritance tax is a must, if we are to avoid the creation of a princely class, I think the middle class should have a right to pass on their homestead, and a reasonable cash amount, to their children, as a way to assist upward mobility.

        BTW, i didnt read the diary as advocating an end to RM, but rather an expose of how they are being abused.

        “I’m able to fly, do what I want, essentially. I guess that’s what freedom is — no limits.” Marybeth Onyeukwu -- Brooklyn DREAMer.

        by chuco35 on Tue Aug 20, 2013 at 07:56:59 AM PDT

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