A Reverse Mortgage For Ed McMahon?
June 8th, 2008
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For decades Ed McMahon has been a popular presence on national television, most notably because of his work with Johnny Carson and Star Search. Now age 85, it has been widely reported that McMahon is behind on his $4.8 million mortgage and owes some $644,000 in back payments.
Foreclosure looms for McMahon.
The McMahon home in California has been for sale for two years at a price of $6.25 million, a figure which suggests that McMahon has substantial equity.
Appearing on the Larry King Show, McMahon and his wife, Pam, were remarkably gracious, blaming no one for their problems but themselves.
You look at this and think: Ed has equity and is old enough to qualify for a reverse mortgage.
I’ve never heard of a $5.444 million reverse mortgage ($4.8 million + $644,000), but why not? If the numbers are right, Ed could pay off his current mortgage and live in his home.
McMahon, after all, likely wants no more than anyone else, the ability to stay where he has spent much of his life.
If someone as successful as McMahon can run into financial trouble in his advanced years, it can happen to anyone — reason enough to wish him well and to remember the words of the Phil Ochs’ song, “there but for fortune go you or I.”
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