A Reverse Mortgage for Ed McMahon??

What Will McMahon's Lender, Countrywide, Do?
Posted: 08 Jun 2008 05:56 PM CDT



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.”


McMahon Blames Money Woes on Perfect Storm
By wtmarsh on Jun 8, 2008 in entertainment news

Former “Tonight Show” sidekick Ed McMahon, talked about his financial troubles on The Larry King Show, Thursday night, explaining that his current problems were created by a perfect storm of events which have resulted in the possible foreclosure of his Beverly Hills mansion.

McMahon, 85, says that the house has been on the market for two years, but that he had been unsuccessful in finding a buyer.

McMahon, who is behind on his mortgage by more than $644,000, also explained that he had taken a fall and broke his neck 18 months ago which prevented him from being able to work.

He says that his inability to work was one of the factors which lead to his financial distress. American Express is also seeking restitution after winning a recent judgment against McMahon for another $750,000.

“If you spend more than you make, you know what happens… A couple of divorces thrown in, a few things like that… You want everything to be perfect but combination of the economy, I have a little injury, I have a situation, and it all came together,” said McMahon to the talk show host.

McMahon is working with his lenders to resolve his financial mess.