I like Fred Thompson. I enjoyed him on Law and Order, as a senator and well….as a good guy. I loved Happy Days and the “Fonz” but when I see them hawking reverse mortgages I turn the channel if the remote is close by. Reverse mortgages actually “reverse ownership” from you to them. The mortgage companies take ownership of a home you have paid for or have substantial equity in. Sure, it sounds great. Take a vacation, buy a new car, give your grandkids a loan….But what happens when unexpected illness happens, or some other traumatic event that saps your bank account. Now, you are back in the soup, much like the folks who are underwater with mortgages they should have never undertaken.  There aint no “free lunch”.

You don’t retain full ownership of your home. Who you borrowed the money from owns it. Wake up, folks. What a shame it would be to give back a house you have already paid for once. Think about that.