Many fellow Americans that have worked their entire lives, weathered several recessions and depressions, put their children through school, helped many in need, and faithfully paid their mortgages for decades are now being taken advantage of once again. Most have followed all the rules necessary to be considered fiscally responsible, yet because of "legal fraud" by the financial sector and policies effected by purchased politicians, their years in retirement will be compromised.
The Plutocracy, the one percent has walked away with a large percentage of their 401Ks, their SEPs, and to some extent their financial security. Because of stagnant or falling real wages, much of the working middle class have maxed out on their credit in the attempt to maintain their standard of living. For a Plutocracy that feeds on perpetual growth, from where will it feed now? An old and well-crafted financial instrument known as the reverse mortgage is being marketed on steroids to a baby boomer population.
Before any reader of this article that may have already taken out a reverse mortgage gets upset, please note that it is understood that for many this is the only option left. That said, every American should be fighting for a system that allows all the ability to build a nest egg that can be transferred to the next generation.
While taking a short coffee break from writing this book I saw former Republican Senator Fred Thompson, an AAG spokesman hawking reverse mortgages. He says:
“Hi folks, I am Fred Thompson. Now like me you probably heard a lot about reverse mortgages but weren’t quite sure how they worked or whether they would be the right financial solution for you. Well take my word for it and hundreds of thousands of other Americans who have used the Government Insured reverse mortgage as a safe effective financial tool.
If you are 62 year or older and own your own home, give AAG a call and find out how a reverse mortgage can help you. I am extremely proud to be associated with AAG, a national reverse mortgage lender that is helping seniors overcome their financial worries and live the lives they’ve dreamed. Why don’t you find out more by calling AAG today? Find out how much call you may qualify for today.”
My first thought was how could a former Senator, a senior, a person who likes to tout morality be so callous to entice the elderly to splurge their wealth away. Most Americans have a large portion of their wealth in their homes. Having some wealth to transfer to one’s offspring helps the next generation to the next financial level.
Unfortunately, yet another financial instrument designed to use the ignorance of the average American citizen’s knowledge of our economic system to donate their money up the wealth tree to the rich. At the end of the reverse mortgage’s term, the elderly is left without an asset to transfer to their offspring at the time of their death.
Ironically as this piece is being written Fred Thompson is back on with the 2013 version of his "working middle class pilfering" commercial.i never checked into the nuts and bolts of this program but i must admit iwas prejudiced from the first hearing, a republican hawking something that benefits the people that my friends is and forever more an oxymoron.
buzz words like "take my word for it", "hundreds of thousands of other Americans who have used the Government Insured reverse mortgage as a safe effective financial tool", " give AAG a call and find out how a reverse mortgage can help you. I am extremely proud to be associated with AAG, a national reverse mortgage lender that is helping seniors overcome their financial worries and live the lives they’ve dreamed".
when republicans speak of gov't plans not working or hurting the economy and middle class why is it we don't hear AAG mentioned. we know all the skulduggery employed by banks and financial orgs. that deal directly with American citizens it never comes out as a plus for us. again what really turned me admittingly i know nothing of rules but republican supporting it is IMO a big red circle with a red line thru the middle.
https://en.wikipedia.org/wiki/American_Advisors_Group
