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Health Care & Environment
01.17 As Planet Heats Further, Even Davos Elite Warns Humanity Is 'Sleepwalking Into Catastrophe' [Intelligent government is desperately needed]
01.17 Could a Green New Deal Save Civilization? [Intelligent government is desperately needed]
01.16 Immediate fossil fuel phaseout could arrest climate change – study [Intelligent government is desperately needed]
01.15 Solar Farms Shine a Ray of Hope on Bees and Butterflies [Wonderful!]
01.14 V.A. Seeks to Redirect Billions of Dollars Into Private Care [The most public and efficient healthcare in America has been demonized and will be destroyed rather than improved, raising total per-capita costs]
01.14 Why thousands of Los Angeles teachers are going on strike [Well at least we got a big tax-cut for the super-rich, that was the most important thing.]
01.08 Monarch butterfly numbers plummet 86 percent in California [0:58 video; Do You Care?]
01.08 Carbon emissions up as Trump agenda rolls back climate change work [Making America Less Great Again]
News Media Matters
US Politics, Policy & 'Culture'
01.19 Republicans’ lack of alarm over the shutdown reveals a disturbing truth [Sociopaths have little or no conscience, empathy or morality...]
01.19 Arizona: Four women convicted after leaving food and water in desert for migrants [morality is against the law]
01.18 With Mattis Gone, Trump Is Already Sowing More Global Chaos [Trump plays General—what could go wrong...]
01.18 Impeach Donald Trump
01.18 President Trump Directed His Attorney Michael Cohen To Lie To Congress About The Moscow Tower Project [An impeachable offense]
01.18 10 Things We All Lose If Bernie Chooses Not to Run in 2020 [Intelligent government is desperately needed]
01.17 Alexandria Ocasio-Cortez lambasts US government shutdown in first House speech [3:27 video; Intelligent government is desperately needed]
Economics, Crony Capitalism
01.17 Trump's economy is great for billionaires, not for working people [chock-full of pesky facts that government and media ignore and distort]
International & Futurism
01.17 White people assume niceness is the answer to racial inequality. It's not [More equality requires us to fix ignored and distorted problems]
01.16 Global tensions holding back climate change fight, says WEF [Consistently stupid and harmful policies... Seeing a pattern?]
Reverse Mortgage Reality Check
First published in his blog Unsilent Generation yesterday, 14 June 2010
I’m seeing more and more ads where smiling oldsters talk about how their reverse mortgage took a load off their minds. This, of course, makes me highly suspicious; it all sounds too much like yet another con.
As Congress debates its tepid “reforms” of the financial industry, Wall Street has invaded Capitol Hill in what CNN described as a “lobbyists swarm.” What I know about the legislation gives me absolutely no confidence that it will make the market a safe place to put my retirement savings–or what’s left of them, after the recession. Seniors have already suffered most from the 401K long con, and the thought of getting anywhere near Wall Street makes me sick to my stomach.
Given how much money many elders have lost, I suspect those of us lucky enough to own homes that aren’t already mortgaged to the hilt are thinking about a “reverse mortgage” as a means toward future security. I know I’m seeing more and more ads where smiling oldsters talk about how their reverse mortgage took a load off their minds. This, of course, makes me highly suspicious; it all sounds too much like yet another con, replete with hidden fees and rip-offs, just like everything else the banking industry has come up with.
Fortunately, Saul Friedman recently wrote a comprehensive report on reverse mortgages. A former reporter for the Detroit Free Press, Friedman writes the ”Gray Matters” column that used to run in Newsday and now appears on the excellent blog about aging called Time Goes By. Friedman, whose judgement I trust completely, has a reverse mortgage himself; he has investigated the hidden pitfalls of this type of financing, and also knows that it matters what kind of reverse mortgage you get.
For anyone even considering this move in their financial futures, Friedman’s article on reverse mortgages is most definitely worth reading.
There’s much, much more to Friedman’s piece, which needs to be read in full. But here’s his summing up:
Born in 1936, James Ridgeway has been reporting on politics for more than 45 years. He is currently Senior Washington Correspondent for Mother Jones, and recently wrote a blog on the 2008 presidential election for the Guardian online. He previously served as Washington Correspondent for the Village Voice; wrote for Ramparts and The New Republic; and founded and edited two independent newsletters, Hard Times and The Elements.
Ridgeway is the author of 16 books, including The Five Unanswered Questions About 9/11, It’s All for Sale: The Control of Global Resources, and Blood in the Face: The Ku Klux Klan, Aryan Nations, Nazi Skinheads, and the Rise of a New White Culture. He co-directed a companion film to Blood in the Face and a second documentary film, Feed, and has co-produced web videos for GuardianFilms.
This article is republished in the Baltimore Chronicle with permission of the author.
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Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.This story was published on June 15, 2010.