Reverse mortgages arent for everyone: Letters

  • 13/10/2017
Reverse mortgages arent for everyone: Letters
Re Pros and cons: Should you get a reverse mortgage? (Oct. 1):

Good job explaining the reverse mortgage and how it may benefit homeowners. I work in the reverse mortgage industry. I am in complete agreement that it is not for everyone.

Generally most people benefit. You can still make payments if you like but never get in trouble for not paying the mortgage which is an important feature.

Credit line is a great reserve to always have at your disposal. It grows larger each month. Just pay those property taxes and homeowners insurance and youre good.

Remember, you cant take the house with you when you pass away. Enjoy your equity and full benefit of home ownership. If you have kids (who do not have their own homes) and are highly depending on that house being left for them, then it may not be the best option for you. Its an important financial transaction and a good loan officer will go over everything. Informed consent!

Regarding the President Trump tax plan, we may lose our federal deductions for state taxes. We may lose our federal deduction for mortgage interest.

However, Im confident that our state and local officials will offset our losses by reducing state and local taxes with the expected windfall from marijuana legalization. You know, like what happened with the lottery.

Council has no problem taking Columbus Day off

Los Angeles City Councilman Mitch OFarrell and the rest of the L.A. City Council clowns are bums and hypocrites after voting to eliminate Columbus Day but have no problem taking Columbus Day off on Oct. 9. Your tax dollars at work!

Re California becomes sanctuary state as governor signs bill (Oct. 5):

Thank You, Gov. Jerry Brown for making it easier for all the illegal drug dealers and gang members to sell drugs and commit murder and mayhem in our state.
  
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