Reverse mortgages are Evil

Why?

Because many of them are set up to try to remove you from your home before you pass away and people don't realize this. For example, I have a friend who owns 2 1/2 acres who is 73 who is having problems with this right now who lives very remote. But who has owned this land since 1972 and who built his own home in two stages. Recently (within the last year or two) he got a reverse mortgage because he has no heirs so he thought it might help him financially because he is retired. But, he didn't know he had to have fire insurance in order to have the reverse mortgage stay valid so they don't just take his home right now. Now they are wanting him to paint all the buildings on his land and he may have to cut down some trees. So, what this means is likely a 73 year old man is going to be trimming or cutting down 200 foot trees on his land and painting his home and out buildings up to 2 stories in height. So, if they can't make him hire other people to do this he is just going to do all this himself and wind up dead or in the hospital. However, he is a tough old geezer and he likely could do all the work himself and come out okay and not fall off ladders or scaffolds but it is the general idea of people taking advantage of an older retired person that pisses me off.

So, this is why I hate reverse mortgages because I just see them basically as a scam to steal older people's homes and make them homeless people on the streets.

Reverse mortgages are evil and I haven't see any evidence so far to the contrary.