Originally posted by Logarock
Some lenders are aggressively pitching loans to seniors who cannot afford the fees associated with them, not to mention the property taxes and maintenance. Others are wooing seniors with promises that the loans are free money that can be used to finance long-coveted cruises, without clearly explaining the risks. Some widows are facing eviction after they say they were pressured to keep their name off the deed without being told that they could be left facing foreclosure after their husbands died.
A nation could be well measured by the way in which it protects its widows. Does the above story sound like anyone you know? Post your story here.
Widow and Reverse Mortgagesedit on 8-11-2012 by Logarock because: n
This is a repeat. A married couple taking a reverse mortgage in only one name is a huge mistake that shouldn't be allowed to happen. If you can't pay your taxes you lose your house if you have a reverse mortgage or not. They are a great instrument for senior when used properly and 99% of them are used properly. The seniors who took reverse reverse mortgages in 2006 and 2007 are laughing all the way to the bank. It's like they sold their home for more than current value and get to live in it forever.