Reverse mortgage backfires!!!

[theblackhole]

Elderly couple kena backfired by reverse mortgage loans with Income!!! Now no house and no money.

Previously owners of a $2 million semi-D. Itch fart got into a reverse mortgage scheme.Now everything gone!!! Another financial shithole scheme for the peasants!!!

 

[Leegimeremover]

Please elaborate. How it go fucked. Like annuity paid based on 10% of constant market evaluation?

 

[Uncle2]

tell me more lei... I also want to reverse mortgage my HDB 2 room flat. Dunno can get $550k or not?

 

[samurai1110]

Seems like financial instituitions all over the world follow those 'Wall Street' vultures dreaming up schemes everyday to con depositors/investors/home-owners
of their hard-earned retirement assets so that they get big fat salaries & bonuses.
Maybe this is why Tan Kin Lian left NTUC Income?

 

[pia]

tell me more lei... I also want to reverse mortgage my HDB 2 room flat. Dunno can get $550k or not?

If the reverse mortgage is based on valuation, and the valuation goes down because of the failing property market, what does that translate to? Less payout? Or worse??

Anyone can advise?

 

[liongsik]

The couple is to be blamed. TNP never told the whole truth. Trying to find a scapegoat like the mini-bond holders.

 

[Uncle2]

When someone fell for a scheme and loses money... what do you think is their 1st response? BLAME someone lah... of course!

 

[liongsik]

tell me more lei... I also want to reverse mortgage my HDB 2 room flat. Dunno can get $550k or not?

Dear Uncle2,

Please call the Hotline: 67888788 or email [email protected] if you would like to know more about Reverse Mortgage.

Or you can do a walk in at 30 Prinsep Street, NTUC Income Prinsep House #09-00

Eligibility: The youngest flat owner in the household should be at least 62 years old and the owner should have little or no outstanding HDB or bank housing loans nd/or upgrading costs.

 

[theblackhole]

this elderly couple simple fell for the scheme...now the 2 million semi is worth 1 million...and they've to pay back the balance of their reverse mortgage loan in monthly instalments...instead of being paid, now they're paying through their nose!!!

so you still want to have your reverse mortgage loan? think hard my friend....it's better to rent out one room and get some monthly income....

 

[DIVISION1]

I do not think it is a backfire. They went in with their eyes open. So they must be responsible for their own actions.

 

[liongsik]

I do not think it is a backfire. They went in with their eyes open. So they must be responsible for their own actions.

I agree with you. TNP reporter is waiting to be sued for not giving the true picture.

 

[numero uno]

Seems like financial instituitions all over the world follow those 'Wall Street' vultures dreaming up schemes everyday to con depositors/investors/home-owners
of their hard-earned retirement assets so that they get big fat salaries & bonuses.
Maybe this is why Tan Kin Lian left NTUC Income?

spot on. ALL these bankers and fund managers are crooks of the worst kind . The feds are included and in cahoot with them, if you read the CVs of the managers in the Feds now. alot of them were former fund managers. All these white collar crooks do is sit around and hatch some dubious schemes/ financial "products" all virtual and worthless and does not do one cents good to the economy except enrich them selves. The signs there all along. It is a pyramid scheme in a different fform. Mortagge repackaged again and again and resold and over valued and each time they collect sales commissions and huge year end bonus for selling something akin to hot air!!! That's right, hot air. You cannot eat it nor use it to make your life more ocmfortable but just hope some idiot would buy it after alot of hype. Same with overhype properties and rechurning of insurance. it is commonsense that some idiots should be paids millions and billions for such cheating schemes now pretend it is the financial system and mortgage at fault(when they are the ones who started these sub prime crises). I believe the same thing happened in singapoire and now the mother of all recessions(worse than 1929 ) is on us and I am indeed very happy their bluff has been called. STI is now at 1600 and would hit 1000 soon. Just to illustrate my point, last year alot of financial analysts said the STI would hit 4500 at year 2008 and 5000 by mid 2008. What happened to all these so called "experts"/ idiots who monitored the market and are supposed to be the "best". They are the worst!!! and even a layman like me can predict 2 years ago that a financial storm would hit the world soon. Frankly I am very happy alot of these crap people would get retrenched and have their properties/cars etc repossessed. They deserved it. Car dealers are another a##holes. First they want a free market and now when COEs have drop to $2 they want govt to restrict COEs to protect them. Go to hell these crap and useless scums. COES is another worthless products like lehman minibonds. It takes a recession to show the real worth of these "products" and the bankers/ insurance agents/ fund managers/ car dealers. No wonder alot of businessmen says singapoire cannot compete with HK as there in HK the market whether property or car or stock is completely free of intervention. No cry baby stuff like locally and no nanny state where at the first sign of trouble every idiots run to the govt for help. Just show How good or world class they are.!!!!!!!!

 

[Satan]

The onus is on the person who takes up the reverse mortgage to evaluate the options carefully. The fund managers and bankers are like vultures waiting to prey on the weak. If you're not careful, you're a goner for sure.

 

[Uncle2]

I dun care what they call it - reverse mortgage, ke-blankang pusing mortgage, backside mortgage .... as long as i can sell my 2 rm pigeon hole for $1600psf anything also can....

 

[SIFU]

bro numero uno,

good post but pls try to use paragraphs..

all join together very taxing on the eyes leh..

 

[madmansg]

how do you reverse morgage reservist liability ?

 

[madmansg]

if u reverse morgage at the height of the property boom , you are the winner what not loser !

reverse means selling your house to the broker and then broker pay you every month untill you die.

It is the inverse of the normal morgage where you buy the house and pay installment which is definitely disadvancetages to those those who time badly last year.

So how can the couple be in the disadvantage ?

 

[Lian9]

why cant they sell the hse then and just keep the money?

 

[2lanu]

if u reverse morgage at the height of the property boom , you are the winner what not loser !

Cannot like that say. The govt is like a Octopus with many tentacles. You just cannot get better deal on top of them. What u gain from this deal, another tentacle might suck some back.

You ganna con by NS still not clever yet! hehehe

 

[Geminipegasus]

if u reverse morgage at the height of the property boom , you are the winner what not loser !

reverse means selling your house to the broker and then broker pay you every month untill you die.

It is the inverse of the normal morgage where you buy the house and pay installment which is definitely disadvancetages to those those who time badly last year.

So how can the couple be in the disadvantage ?

You forgot that its heads they win, tails you lose huh! Wondered what happened to this old couple, seems like the verdict of their case also missing.