NLIC.org

Edith Said:

part two to my 50,000 question?

We Answered:

As far as killing yourself and broadcasting it on the net, I think you need to find some psychiatric help. See if there is a clinic in your area where people with mental health issues can go. They really can help you.

As far as making 50,000, there is simply no way to obtain that amount of money easily. If there were, wall street would be out of a job. You could obtain a loan, but you would need property valued at least that much to serve as collateral surity for the loan.

I don't understand how you could have been scammed out of 40,000 over the course of 4 years. That's $10,000 per year! What on earth were you doing??

Margaret Said:

What is a Reverse Mortgage?

We Answered:

A reverse mortgage is not a scam. It has to be in the best interest of the homeowner to consider, but it is a legitimate way to leverage the equity that many long-time owners have built in there properties. It is being marketed to elderly people on television because they typically have a lot of wealth built into their property's equity. A reverse mortgage is somewhat similar to a home equity loan in that the excess equity in a property can be pulled out or levered against for example the purchase of another property, or to do construction, updating or rehabbing to a property. Again older homeowners or homeowners who have been in one household for a long time have in most cases covered there mortgage obligations or have almost fully paid them off, thus generating a favorable equity position