Dick Schladen’s letter to the editor claims that reverse mortgages exploit the elderly. He is probably right about that claim, but reverse mortgages are no more exploitative than a regular home mortgage where it is the bank or lender that truly owns your home. What anybody with a home mortgage really owns is the right to sell the home in order to get a capital gains profit and then pay off the mortgage.
Over the hill actors like Fred Thompson and many others are pitch men for products they know very little about. They are just trying to make some money off their rapidly fading name recognition. Sally Field sold out to Boniva and Montel Williams did the same with some payday loan place.
Former Republican Senator Fred Thompson is on TV shilling(act as a spokesperson) for AAG and their reverse mortgages. He repeatedly says that if you get into one of these things that you will retain complete ownership of you home. That is a lie. You cannot transfer ownership of you home to anyone else. You can live in it until you die, but the house belongs to AAG. You are a tenant in your own house and you must maintain it.
This is just one more example of how financial and insurance companies are preying on old people.