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Sandy Jolley
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Dear Man with the Question:  You are on the right track to be planning ahead and thinking how and when to use your property and estate  With a Reverse Mortgage unless you plan on the property being foreclosed by the lender you will want t make sure of the following:  Use it a pat of your financial strategy, make sure it meets your financial goals, provides financial security through retirement and fulfills your wishes for your estate. In other words that it's suitable for you at least 5 or 10 years down the road.  If you want anyone to be able to sell your property from your estate either to themselves or someone else it's not so simple. They will ;have to have legal authority to convey title per HUD regulations and your state laws. These are complex financial products and you are responsible 100% for determining if it's right for your circumstances.  Wishing you the Best,  Sandy Jolley Reverse Mortgage Suitability and Abuse Consultant

Reverse Mortgage Non-borrowing spouses face eviction soon after the death of their spouse due to HUD's failure to manage the HECM reverse mortgage program and live up to the program intention to keep seniors in their home until they die. 
http://calreinvest.org/news/advocates-grandma-may-get-run-over-by-hud%E2%80%99s-new-reverse-mortgage-policy

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Yea!  AB1700 becomes law.  CA is the first state to provide the consumer with the time and tools to determine if a reverse mortgage is suitable for their circumstances.  The 7 day mandatory waiting period after counseling is the only dedicated time the consumer has to determine if a reverse mortgage is the right financial product for them.  And BTW, the consumer is 100% responsible for determining suitability.  The RM salesperson and HUD counselor are not qualified or legally allowed to give any advice to the consumer.  The upcoming financial assessment doesn't protect the consumer - it was created by the government to provide protection against future losses to FHA insurance fund.  Of course RMD is against any protections for the consumer - as usual they are concerned with how it will impact their sales.  We should all get on the same page:  Suitability of a rm at origination determines the outcome during servicing and maturity.  A suitable reverse mortgage is good for the consumer, the lender, the FHA insurance fund and the taxpayer.  Suitability is the only thing that matters to keep this product sustainable.

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Article I am featured in.  Although I share my parents story it's the same story happening to hundreds of thousands of other elderly consumers and their families.  Billions of dollars made legally isn't enough for this greedy bank they have to make billions more off consumers and the taxpayer.  There is absolutely no accountability.   

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Great Article by Joe Legueri on the misleading reverse mortgage ads and the risks to Senior Consumers

 Hello - I am a Reverse Mortgage Suitability and Abuse Expert and Elder Consumer Advocate.  I help consumers, borrowers, heirs and their families understand their rights and options in every step of the reverse mortgage process.  I welcome your questions. Sandy Jolley 805 402-3066 or email sjolley2@compuserve.com
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