A National Sin......Widows Getting Screwed in Reverse Mortgage Scams

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posted on Nov, 8 2012 @ 06:12 PM
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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 Mortgages
edit on 8-11-2012 by Logarock because: n




posted on Nov, 8 2012 @ 06:29 PM
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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 Mortgages
edit 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.



posted on Nov, 8 2012 @ 06:34 PM
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reply to post by sligtlyskeptical
 


The mortgages in question here are not even being sold properly.

edit on 8-11-2012 by Logarock because: n



posted on Nov, 8 2012 @ 06:36 PM
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reply to post by sligtlyskeptical
 


Great post! Way to see the positive... correct as well. People should always read the contract and understand or get someone who does. Otherwise, there is really no excuse for laziness with your own personal affairs and if it comes to bite you then lesson learned!



posted on Nov, 8 2012 @ 06:43 PM
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reply to post by GoldenVoyager
 


Yea everybody knows the real money is in dealing with the stupid. Thats a real honest way to make money if you'er one of these brokers and lenders. There shouldnt be any sort of protective regulations for stupid old people. I hear the brokers even get a bigger cut if they can keep the widows signature off the dam thing.



posted on Nov, 8 2012 @ 08:10 PM
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The progressive radicals, safely tucked away in a university near you or going into the white house by the back door, already have plans for confiscating the wealth of the elderly and puting them in state run homes. I am talking about old folks that are well enough off, have land and savings.





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