Reverse Mortgages
Some people are out to steal identities so they can nab your older loved ones’ money. But more often than that, there are just a ton of sleazy businesses out there that aren’t technicallydoing anything illegal, but they’re more than happy to con your loved ones out of cash. And reverse mortgage lenders are the perfect example. Okay, first of all, when it comes to reverse mortgages, the name says it all. You’re going in reverse! And hello, don’t we want to be going forward? Yes! So, reverse mortgages are a big, fat N-O. With a reverse mortgage, you’re getting a loan that uses your home equity to provide the money for the loan itself. Reverse mortgages are only available to people 62 and older. (Right out of the gate, this is a setup for seniors.) It’s like this: Instead of making payments on a home loan like you would with a traditional mortgage, you’re taking payments out of the equity you’ve built. The bank is lending you back the money you’ve already put into your home and charging you interest. Not only are reverse mortgages a black hole of fees, but your older loved ones could also end up owing more on their home than it’s worth, or worse, losing their home altogether.
Gold and Silver Scams
These gold and silver sales pitches you see every 10 seconds on TV are designed to prey on fear that the economy will crash, and you’ll need gold to survive. Or they’ll say gold is the sure-fire way to make a fortune. The people hawking commodities are bottom feeders. Many will tell you they bought gold or silver for you that they’ll store in a safe place until you need it. But really, they’re just taking your money.2 But even if you find a reputable precious metals dealer, there’s no reason— zero—to buy gold or silver. It’s a horrible investment. Okay, say a zombie apocalypse happens
and the economy goes belly up. Of course zombies don’t carry cash, so wouldn’t we all be bartering for shelter and food, not trading in little gold bars? I mean, that’s what I would be doing! Help your older loved ones by
encouraging them to invest their money in mutual funds instead.
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