I am about to turn 51. I do feel a little older and my body isn’t what it used to be. But for the most part, I enjoy life now more than ever. For our Saturday date night last weekend, my wife and I went to The Bite of Edmonds a local weekend celebration just north of Seattle. We have a friend who runs the beer garden there and the Beatniks were playing. We grabbed a beer and moved up right next to the stage. As we were moving through the crowd I realized that there are a lot of people our age that still like to return to our youth and have a good time. On the other hand, looking at the faces in the crowd I realized that there is a whole generation of adults that look at me as Dad or even Grandpa. Then it hit me, I am now old enough to join the AARP. Woo Hoo!
Today I was reading the newspaper and there was a full-page ad from the AARP talking about the housing choices that we older people have. At the bottom of the page there was a few paragraphs titled: How to Recognize a Dishonest Lender. This struck me because with all of the recent changes in the mortgage industry recently, especially the past few weeks. Over the years, I have talked to many people who have been damaged by doing business with these types of lenders. Some we have been able to help get them out of the mess, some we haven’t. I thought the article had merit and I wanted to pass it on. The print it red type is the word for word article the way it was published in the paper.
How to Recognize a Dishonest Lender
AARP, the not-for-profit membership organization of people ages 50 and older, provides seniors with advice on how to spot a dishonest lender.
“Be suspicious of anyone who offers you ‘bargain loans,’ whether they mail or e-mail you an offer, call you by phone or come to your door,” the online article advised.
“Avoid salespeople who promise ‘No credit? No problem.’ A bad loan is a mistake. Beware of offers that are only ‘good for a short time.’ Be suspicious of anyone who contacts you first – most good mortgage lenders or credit companies don’t solicit business over the phone or just show up on your doorstep.
The article warned seniors to avoid lenders who call you and promise guaranteed, low-interest loans, who take applications over the phone or who offer next-day approval if you pay them some money today.
Another concern is so-called lenders who ask for up-front fees to “cover the first payment and other expenses.” This is obviously someone who wants to take your up-front money and run, the article stated.
According to the U.S. Census Bureau, adults age 50 and older account for 60 percent of all health care spending and 80 percent of all luxury travel; spend $7 billion online annually; and own more that three-fourths of the nation’s wealth.
The largest 55-plus population resides in California, New York and Florida. This age group is also the fastest-growing segment to embrace computer technology.
While the discussion of housing options was the basis of the full page, the discussion of mortgage lenders I thought was important. There are so many lenders out there, many of whom work for the “household name” lenders that are just looking for a paycheck. They don’t have any regard for what this loan will do to you in the future because even if they are in the business, they won’t be working with you after this one loan anyway.
Our vision at Old West Mortgage is to create 1,000 millionaires. We can’t do it with one loan so we want to make sure that every time you are doing something mortgage related, it is a step toward that goal. In our minds, it is simple. You take great care of the people you work with and they come back, with friends.
If there is anything we can do for you or anyone you know, answer questions about your finances or your mortgage, give us a call. We are here to help. Now, and in the future too.
Thanks for reading…
Comments