It looks like some of the institutions who got a got a generous spp are trying to flick them on at a profit to private shareholders who got a severely throttled spp. At the moment, it looks like the private shareholders are not obliging!
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It looks like some of the institutions who got a got a generous spp are trying to flick them on at a profit to private shareholders who got a severely throttled spp. At the moment, it looks like the private shareholders are not obliging!
David Chaston who writes in interest.co.nz no fan of reverse mortgages and is disappointed in Heartland
4. The pitfalls of reverse mortgages
I admit I am no fan of reverse mortgages when the lender is a bank or financial company. It is very disappointing to see Heartland Bank adopting this 'product' as a key element of their growth plans. The social sting in these arrangements can leave some very unpleasant outcomes. Dealbook has been looking at them in the US:
And links to this article from the US
http://dealbook.nytimes.com/2014/03/...gs&src=me&_r=0
Surely hnz won't ed up being this mean
Quote Be great if Heartland can refresh the reverse annuity model so the oldies see it as a viable option in future.cheers JT[/QUOTE]
I think people taking out reverse mortgages will be a lot better dealing with Heartland .
From the link you gave it appears to me the people complaining, are expecting to have their cake and eat it too.
ie "their inheritance has been spent keeping their parents in their home."Yes that's right.Yet, it was their parents, whose house it was,who decided to take out the reverse mortgage.Any one looking to take out a reverse mortgage will get legal advice,and this will be spelt out to them.Most will discuss this issue of reduced inheritance with their children.
From what I read US and UK governments are encouraging people to take out reverse mortgages,because it is seen to be good for their health and well being to stay in their home.
A bit much when the kids complain they did not inherit as much as they would have like."Damm dad was rotten enough to live too long, and spent all his money before we could get our hands on it.And we waited for years for the old sod to die!! ." Tough.
Its the same as buying a $70,000 car on HP.At the end of the day your car is worth $20,000 and you have paid the finance company $30,000 in interest. Toatal cost $100,000.Today's resale value $20,000. $80,000 done cold.! [approx. figures] .Tough.
If I lend money I want interest and the capital repaid when due. Tough.No, just good commercial practice.All banks are the same.
The tooth fairy died.[poor].
Touche Percy. And Heartland are savvy enough to modernise/ poplarize reverse mortgages. And re their Inheritage its quite sickening how little support many offspring give their parents anyway.
I dont read the NYT but the NZ Hearld has lots of articles like that - you know the type - the mother of 5 kids and another on the way cant afford to feed her family. Or the family think the retirement village riped of their parents bacause they dont get the 'capital gain' even though their parents loved living there and knew that when they signed up.
As I said, I only read the first paragraph - I had no sympathy for the 'kids' that their inheritance was spend by the parents who earned it.
I am sure Heartland will do it right so that their reputation is intact.
Some parents are really not nice people at all, and their sensible children get and stay as far away as possible. I know a couple of seriously nasty ones, one rather close to home. Only a minority I hope, but still, abandoned olds may be the authors of their own misfortune. They are not all apple pie baking grandmas and stern but fair patriarchs. We will likely never know the reasons, but that doesn't mean there are none.
Looks like we have a buyer. I wonder if HNZ will get their money back?
http://www.stuff.co.nz/business/indu...from-receivers
She was driven to suicide by her bank losing her cash trading the derivatives' markets.
We know it as the GFC.
What a lot of people don't know is she thought she had her cash in Bear Stories,which she had always enjoyed,but it turned out to be Bear Sterns who went broke.
HNZ is a secured creditor. IRD will have priority. Are there any back wages owed? Unsecured trade creditors will be last in line.
As an aside. is the liquidator/receiver Gary Whimp connected to the Whimp who was behind the low-ball offers for various NZX listed companies?