What is the truth about allegations of “deception” or “bad press” regarding reverse mortgages and annuities?
• Some unscrupulous reverse mortgage agents are securing reverse mortgages for their clients with the hope that the large lump sum of money made available by the reverse mortgage be put into annuities for higher commission capabilities, kind of a double whammy. • They get the sale of the reverse mortgage and then also get the sale of the annuity, all the while keeping you from accessing the cash you were short on to begin with. • Not all annuity sales are bad and in some circumstances, a reverse mortgage would be an acceptable tool for delivering cash for the annuity purchase. • Wealth One, Inc., the National Reverse Mortgage Lenders Association and HUD have all made their views public that the 2 do not make acceptable partners without serious professional advice and warnings.
