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
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.