Reverse mortgages

Dear Editor,

Kudos to the editorial staff of the McCook Gazette for its viewpoint, published on the March 27 issue of the paper, highlighting pitfalls in the use of a reverse mortgage. The caveats and suggestions made in that article are the same ones I have preached to my family for several years (ever since Fred Thompson began pitching the use of reverse mortgages). Mr. Thompson cashed in his political and acting reputation for what I suspect was/is a highly paid fee. He has been followed by other well-known personalities.

I have read the law and am appalled that there are those who would tout any virtues of the scam (for most seniors). I have read many hand-out publications on this topic, and have not found in any of them any cautions concerning the issue your Viewpoint raises. The only caution is the generic warning to check with an attorney before signing a reverse mortgage. The intended readers of those marketing pieces do not likely have an attorney, nor the cash to engage one.

In my opinion, these mouthpieces for such a questionable process have stooped to pure GREED. They have apparently not read the law or marketing pamphlets, but have placed the almighty dollar above the best interests of oldsters. As an 82-year-old, I can tell you there are plenty of other scams arriving nearly daily in our mailboxes. The misfortunate, aged, infirmed and people without families are most vulnerable.

It would be ideal now if your viewpoint on reverse mortgages were aired by national media or "60 Minutes."

Jack J. Bainter,

Ed. D.

Oberlin, Kansas