Reverse mortgages have a bad rap, says Jack Guttentag, a professor emeritus at Wharton.
FORBES: Mortgage Professor Helps Seniors Shop For Reverse Mortgages
Directed by Bill Guttentag and Dan Sturman, and produced by the AOL executive Theodore J.
Guttentag suggests prohibiting lenders from charging many of the fees that have made subprime loans so profitable.
"It's misleading people, " said Lucas Guttentag, director of the immigrants' rights project for the American Civil Liberties Union.
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In addition, the legislation doesn't prevent dishonest lenders from making bad loans and walking away, though Guttentag agrees licensing would help.
Guttentag predicted the INS memo would prove "counter-productive" to the Justice Department's efforts to gather as much information as possible about terrorism.
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"I wouldn't tell a consumer that he can rely on the real estate broker to protect him from an avaricious loan provider, " said Guttentag.
For those seniors who do become leads, Guttentag and his colleagues will act as ombudsmen in the event that anything goes wrong between the senior and the lender.
FORBES: Mortgage Professor Helps Seniors Shop For Reverse Mortgages
Guttentag is upfront about the dark side of reverse mortgages.
FORBES: Mortgage Professor Helps Seniors Shop For Reverse Mortgages
The murder mystery at the core of this novel is engaging, but Guttentag also sheds light on the harrowing lives of teenage runaways living on the streets of Hollywood.
An online HECM calculator Guttentag developed lets consumers choose any combination of these options and project the outcome for every year until they reach age 100 (you can use it anonymously).
FORBES: Mortgage Professor Helps Seniors Shop For Reverse Mortgages
Rabbi Jonathan Guttentag said that the eruv would enable Jewish people to push their children and disabled relatives to the synagogue on the Sabbath and to live with "less restriction and difficulty".
Under federal law, it is illegal for lenders to pay kickbacks to real estate agents who steer them business, Guttentag said, but he said virtually no effort is put into enforcing this rule.
"The legislation here imposes a number of liabilities on lenders, " says Jack Guttentag, professor emeritus of finance at the University of Pennsylvania's Wharton School of Business, who writes a nationally syndicated column on mortgages.
Guttentag lays it all out for consumers on his Web site, The Mortgage Professor, where he has just launched a reverse mortgage shopping service that walks consumers through the different options for extracting money from their home with a reverse mortgage.
FORBES: Mortgage Professor Helps Seniors Shop For Reverse Mortgages
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