Tuesday, December 25, 2012

Risks of Reverse Mortgages | Essentials

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Risks of Reverse Mortgages

American Embroidery Update
American Embroidery Update by Mike Licht, NotionsCapital.com
License (according to Flickr): Attribution License
Excerpt:

Linda and Jim McMahan said they could not believe their luck in 1993 when they found their dream house. "We loved it," she said. "It wasn't a huge house, but it was a nice size. ... It had the big trees in the yard. And we have deer in the yard every day, and wild turkeys. What more could you want?" As is true for so many Americans, the McMahans' home in St. Croix, Wis. , was the couple's dream and nest egg. That is, until their home was drained of its 19-year equity by a reverse mortgage and sold out from under Linda to pay it back as soon as her husband died. "They must read the death notices, because I'd say within two days, I get a letter: 'Sorry to hear about your husband passing away,'" she said.

People:

Linda

Overall Sentiment: -0.0310963

Relevance: 0.867573

SentimentQuote
0.503693"We loved it," she said. ...
Sentiment Stats:
  • Number of Quotes: 1
  • Aggregate Sentiment: 0.503693
  • Mean: 0.503693
  • Standard Deviation: 1.4142135623731

Jim McMahan

Overall Sentiment: -0.0550394

Relevance: 0.364822

Prescott Cole

Overall Sentiment: 0.0675887

Relevance: 0.357716

SentimentQuote
-0.12625Prescott Cole, senior staff attorney for California Advocates for Nursing Home Reform, says seniors are a target because many have money saved, are often isolated and at times have "cognitive impairments" ...
0"They're not being told about the downsides," Cole said. ...
0.177629"They're not being told about the downsides," Cole said. "When we hear about reverse mortgages, we're hearing the good things ... that these are loans that don't have to be paid back either until the senior dies or permanently moves out of the home ... they're told, nothing to worry about."
0.138231Cole said. "When we hear about reverse mortgages, we're hearing the good things ... that these are loans that don't have to be paid back either until the senior dies or permanently moves out of the home ... they're told, nothing to worry about." Peter Bell, the CEO and president of the National Reverse Mortgage Lenders Association, says the commercials are not misleading. "How much can you get in a 30-second commercial?"
0.040416Cole said. "When we hear about reverse mortgages, we're hearing the good things ... that these are loans that don't have to be paid back either until the senior dies or permanently moves out of the home ... they're told, nothing to worry about." Peter Bell, the CEO and president of the National Reverse Mortgage Lenders Association, says the commercials are not misleading. "How much can you get in a 30-second commercial?" Bell said. "These are not ads to get a reverse mortgage, but ads to get more information and learn about reverse mortgages."
Sentiment Stats:
  • Number of Quotes: 5
  • Aggregate Sentiment: 0.230026
  • Mean: 0.0460052
  • Standard Deviation: 0

Peter Bell

Overall Sentiment: 0

Relevance: 0.357659

Disambiguation: References:

Fred Thompson

Overall Sentiment: -0.0534471

Relevance: 0.314705

Disambiguation: Politician | Celebrity | Senator | U.S.Congressperson | BroadcastArtist | FilmActor | TVActorReferences:

Henry Winkler

Overall Sentiment: -0.0718794

Relevance: 0.291911

Disambiguation: Actor | AwardNominee | AwardWinner | CompanyFounder | FilmActor | FilmDirector | FilmProducer | TVActor | TVDirector | TVProducerReferences:

Key:

  • Aggregate Sentiment is meant to be an indicator of an individual's overall sentiment.
  • The Mean is meant to be an indicator of an individual's average comment sentiment.
  • The Standard Deviation, when there are enough quotes, will indicate an individual's consistency of sentiment (i.e. a Standard Deviation of 0 would mean they were very consistent in their sentiment and 1 would mean they were very inconsistent).

Note that quote stats are likely to be meaningless beyond the aggregate score due to the tiny sample size. However, they are always provided just in case you find something useful there.

Additional Info:

City: St. Croix

Overall Sentiment: 0.19435

Relevance: 0.358015

StateOrCounty: California

Overall Sentiment: 0.0917602

Relevance: 0.322145

Disambiguation: Location | PoliticalDistrict | AdministrativeDivision | Appellation | GovernmentalJurisdiction | USState | WineRegionReferences:

StateOrCounty: Wis.

Overall Sentiment: 0.122812

Relevance: 0.309163

Disambiguation: Location | PoliticalDistrict | AdministrativeDivision | GovernmentalJurisdiction | USStateReferences:

Organization: National Reverse Mortgage Lenders Association

Overall Sentiment: 0.258934

Relevance: 0.639067

Organization: Department of Housing and Urban Development

Overall Sentiment: 0.0590603

Relevance: 0.364466

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