i learned yesterday that my grandpa has been thinking about getting a reverse mortgage. i sat in on an 8am call with the reverse mortgage lender this morning to hear the pitch.
these guys are scammers/liars/ninth circle of hell. they were recommending he ditch his 2.875% traditional mortgage for a 7.6% reverse mortgage. plus pay $21,000 in closing costs/fees for the privilege of doing so.
i told them it seemed like a bad deal, and they flipped out. the salesperson said, "if it's such a bad deal, why would i have one, plus my mother and father and brother, etc?"
i said, "i don't know you so i can't answer. perhaps you're a fool and so are they!" he did not like that.
i told the reverse mortgage people no + then told my grandpa that i'd start paying his monthly payment (~$2500) every month and recording it as a loan, at 6% interest compounding monthly, until he died. then i'd get paid out of the estate before the remainder went to his heirs (my mom and uncle).
good or bad idea?
Iโm glad that the Beastie Boys have faded from public view, because they are one of my favorites, but itโs highly likely they would be on the wrong side of this Israel debate.