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Ralph Rosynek -
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Reverse Mortgages: An Originator’s Tale
Sue Haviland -
Get Ready To Tackle That Summer Beach List
Ralph Rosynek -
The Reverse Review Magazine
September - 2010
A response to Parade Magazine's article "Beware of Reverse Mortgages"
Wednesday, 28 October 2009 15:44
Gary & Rebecca (co-authors of the article),
Please allow me to introduce myself. My name is Michael Banner and I am the Founder of LoanWell America, Inc.
LoanWell is one of the largest non-bank owned reverse mortgage companies in Florida.
The article that you published today, Sunday October 25th, titled Beware of Reverse Mortgages is filled with misinformation and totally non-substantiated claims.
Did you take any time what so ever to verify the facts?
The Reverse Mortgage is an incredible product for seniors that allows them to maintain or in many cases increase their present lifestyle.
If used “correctly” it can assist a senior with the paying off their existing mortgage, credit card debts & auto loans. It can allow seniors to afford Long Term Care Insurance and have the finest medical care available of which they never could have afforded without a reverse mortgage. They can use the proceeds to remodel their home and make it safer for them to navigate in their later and less ambulatory years. They can use the proceeds for “in home care” and remain in their home rather than selling it.
I refer you to a study by the National Council on Aging (NCOA) titled Use Your Home to Stay at Home.
Would you agree that the NCOA has a bit more expertise in protecting seniors than the National Consumer Law Center???
As with all-powerful financial products there are ways to misuse a reverse mortgage.
But to suggest, in a publication as well read as Parade, that these handful of isolated cases out of hundreds of thousands is the norm rather than the very rare exception is totally irresponsible.
In today’s highly volatile financial times the reverse mortgage helps a tremendous amount of seniors maintain a true quality of life…thousands of times per week and growing.
How many seniors did you just “scare” out of considering this product as an option?
FYI – I am one of very few individuals that are accredited to teach continued education classes to Certified Financial Planners on the correct uses of a reverse mortgage. I am also approved with the Florida Bar to teach the same course to attorneys. (I am not an attorney)
How about it Gary & Rebecca? Have the guts to interview someone on the other side of the table and possibly right a very big wrong you just portrayed on the seniors of this great Country?
With all due respect, the reverse mortgage has been getting some very bad press as of late from some very uninformed sources…it is a powerful product that is literally in its birth. The same can be said about every single financial product to be introduced to the public in the last 30 years…
Gary and Rebecca's article, "Beware of Reverse Mortgages" can be found by clicking here
