Peter Graves Speaks out about Reverse Mortgages

Actor Peter Graves is speaking out about reverse mortgages. Graves became the spokesperson for American Advisors Group last year and said in a statement that working with the company has allowed him to learn more about reverse loans. He expressed concern that some of the negative press about reverse mortgages may be giving seniors the wrong message about these loans.

Reverse Mortgage Pros and Cons

Reverse loans certainly have generated a vigorous debate recently over whether they are a help to seniors or the next “sub-prime disaster” waiting to happen. There definitely are cases of reverse loans gone wrong, but there also are many stories of seniors who successfully supplemented their incomes by tapping their home equity.

“Of course, I’m a senior myself and I know how many thousands of seniors are out there struggling and looking for answers. I am all for reverse mortgages and what we’re trying to do is important to me,” Graves said in the statement. “I wouldn’t put my name and reputation behind anything I didn’t believe in.”

Research Reverse Loans Carefully

Graves also said that reverse mortgages are not a solution for everyone. He also said that before he became the spokesperson for the company, he also misunderstood some of the benefits and features of reverse home mortgages. He says anyone interested in learning more about reverse mortgages should do their research and look for reputable lenders to get quotes.

It’s also important to remember that regardless of who the celebrity spokesperson is for a reverse loan firm or other type of company, you should never sign up for a product or service without fully evaluating whether or not it is right for your situation. Borrowing money through a reverse loan is a big decision to make, and no matter who endorses it, it’s your financial future that is being impacted.

This entry was posted on Tuesday, February 2nd, 2010 at 9:18 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.