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Snapshot · The Ramsey Show
A Bigger Paycheck Won't Fix Bad Money Habits
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Jul 14, 2026
Where this was said
Reverse Mortgage Warning — Susan in Flint
At 2:00:17 · chapter starts 1:58:20
Susan's family is stretched caring for their 86-year-old mother, who has early dementia, a tight budget, and siblings who argue over every financial decision. The idea of a reverse mortgage comes up because Mom has equity in her home. Dave is unequivocal: reverse mortgages foreclose at 6 times the national rate and he refuses to recommend them under any circumstances. He'd rather see the house sold outright than put in a reverse mortgage. His practical solution for a likely short-term care window: pool $500 to $1,000 a month across the 6 children — the multimillionaire brother should lead — rather than trigger an expensive and predatory financial product. Dave also delivers a personal message to the siblings not doing the day-to-day work: shut up, support the one who is, and don't criticize from the sidelines.
Reverse Mortgages: An Absolute Nightmare
The foreclosure rate on reverse mortgages is 6 times the national average. Dave refuses to recommend them under any circumstances. Before even considering tapping home equity, the family of 6 siblings should pool $500–$1,000 a month — and the multimillionaire brother should lead the way.
Reverse mortgage foreclosure rate: 6x normal
Dave Ramsey states the foreclosure rate on reverse mortgages is 6 times the normal foreclosure rate.
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