The Final Rip-Off: Reverse Mortgages

The Final Rip-Off: Reverse Mortgages

by Arthur Ernst

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Overview

Reverse mortgages destroy wealth, providing gullible victims with modest cash amounts as vastly more home equity is unwittingly stolen. The Final Rip-Off: Reverse Mortgages demonstrates how, with clear examples. This was written as a service to seniors and their heirs. No rational person who fully understands a reverse mortgage would ever get one.

Product Details

ISBN-13: 9780997418552
Publisher: Fiduciary Press LLC
Publication date: 09/30/2018
Pages: 58
Product dimensions: 7.00(w) x 10.00(h) x 0.12(d)

About the Author

Art Ernst has been analyzing financial products for almost four decades. He has been writing about them for about three decades.
Art earned his M.B.A. at the Wharton Graduate School of Business in 1984 and was the 1981 recipient of the Eugene E. Agger Memorial Award as the top economics graduate at Rutgers College. He began his career on Wall Street directing projects involved with every phase of development of financial products including funds, annuities, loans and retirement plans. Since 1984 he has managed portfolios for individuals and institutions including mutual funds, insurance companies and foundations.
When Art’s children were young he formed an independent consultancy to manage affairs in a family-friendly manner. During this period, he shopped for financial services as a regular consumer. This new perspective changed everything. He resolved to address the sales gimmicks, excessive fees, imprudence, and scams he encountered as a ‘retail’ financial customer.
Additional to his service on behalf of investment management and financial planning clients, Art has written educational pieces to help the public at large avoid common wealth-harming Wall Street tactics. His articles have been published in several journals, magazines and newspapers. He is the author of “A Consumer’s Guide to Harmful Investment Products”.
A Registered Investment Advisor first licensed in 1982, Art is a portfolio manager and the Chief Operating Officer at Byrne Asset Management LLC in Princeton, New Jersey.

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The Final Rip-Off: Reverse Mortgages 1 out of 5 based on 0 ratings. 2 reviews.
Anonymous More than 1 year ago
This book is full of misinformation and is extremely misleading as well as the information provided is not factual. The author demonstrates his lack of knowledge of reverse mortgages as well as his lack of knowledge of conventional mortgages and even the option of selling one's home. Homeowners have responsibilities whether there is a conventional mortgage, reverse mortgage or no mortgage at all. There are costs of living whether in a home that one owns or renting. Art's lack of understanding and his presentation is harmful to seniors by using a scare tactic. Over 90% of borrowers who have done a reverse mortgage are satisfied and found the reverse mortgage useful. Do not waste your time or money with this book. Get the facts about reverse mortgages from a reliable source.
Anonymous More than 1 year ago
After reading the article in the Baltimore Sun so full of ridiculous statements and inaccuracies I had to buy the book. It's worse! Art suggests a HELOC instead of an FHA-insured HECM reverse mortgage! The bank HELOC products have an 18% interest rate cap if any cap at all, versus around 8.5% lifetime maximum interest rate on the HECM. HELOC's all expire, usually in ten years, so I guess his solution is to kick the can down the road. HECM's do not expire. Will you qualify to renew your HELOC in 10 years? Will your home value be sufficient to refi your HELOC? What if the market crashes in the interim, most HELOC's can be called if your home equity declines below a certain point. No issues with any of this with a HECM. In fact FHA's HECM has a feature called 'credit line growth rate' that automatically increases the unused portion of your line of credit. What if we have another market crash and you end up owing more than the house is worth? With the HECM FHA pays the shortfall, no personal liability. In most cases, under any normal real estate market there will be plenty of equity left when you die. Art, have you analyzed the outcomes of those who got HECM's prior to the last crash versus those who got HELOC's? If you take the time you will find that pre-crash HECM borrowers for the most part made out exceedingly well, often borrowing more money 10 years ago than there house was worth after the crash, with no obligation to repay! Your article is irresponsible and will dissuade baby boomers from considering a HECM as part pf their retirement financial plan. It's not for everyone but the credit line growth rate makes the HECM line of credit an attractive option.