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09.19 Shell and Exxon's secret 1980s climate change warnings [that capitalists suppressed this for continuing profit is the most unforgivable crime ever]Trump administration rolls back methane pollution rule despite harmful health impacts [continuing in the tradition of stupid capitalism at all costs]
09.18 'I was horrified that children are breathing air this dirty inside the school' [if your government isn't working, change it!]
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09.18 'This Election Is Last Chance to Stop Them': Kudlow Confirms Trump and GOP Ready to Gut Safety Net After Midterms [Yes, there are far too many sociopaths]
09.19 'Killing a generation': one million more children at risk from famine in Yemen [Does America's government have empathy? Does it understand the concept of morality? The Saudi Air Force would be ineffective without U.S. military assistance...]
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09.18 Racist rioting in Chemnitz has reopened Germany’s east-west split [We are all mixed-race after 10,000 generations. Helping suffering people makes us feel good, so become their friends instead.]
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.