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Pfizer Inc. Message Board

  • catavepart catavepart Jul 16, 2010 1:52 PM Flag

    One Ringy Dingy, Two Ringy Dingy

    reverse mortgage officer calling to rescind offer after seeing his brokerage
    statement--Marge on call waiting

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • The bank doesn't give a hoot if I have liquid assets or not. All that's required is for me to have a house having equity of at least 10K to cover the closing

    • the to good to be true deal sounds like a vestige of shady banking the regulators didn't think to look into for the new rules. chartmess is going to get screwed seven ways to sunday on the reverse mortgage before the ss pfizzle docks in mulligan bay. just a liar loan slipping thru the cracks. wait n see, the law for personal bankruptcy will be severely altered and harshly enforced to protect the banks right when it is his last avenue of escape

      • 2 Replies to wile_e_chartoyote
      • There is no possible way of lying in a reverse mortgage. The bank thoroughly checks out in advance the few things they need to know:

        1) The appraised value of the property
        2) The amount of indebtedness on the property
        3) Assurance that I hold good title
        4) My age. That is checked out with the Social Security Administration

        Wealth doesn't matter to them, income doesn't matter and whether or not I'm still working doesn't matter. Only the four items shown above matters. They then need my decision as to whether I want a variable loan or a fixed loan.

        If I select a fixed loan, they will wire the maximum proceeds into my bank and I'm free at any time to return whatever portion I don't want to keep.

      • > chartmess is going to get screwed seven ways to sunday on the reverse mortgage


        So quit criticizing it and urge him to go full steam ahead with the reverse mortgage as fast as he can.

        He'll only learn through experience, if then.

        Tell him it's a great idea and he is a genius for doing it.

 
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