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I've Told People for Years that Reverse Mortgages are Evil. I Made a Bit of a Mistake....
I've told people for years that Reverse Mortgages are evil.  I made a bit of a mistake....it's HUD that's evil...! Very Evil!
Caught in a reverse (mortgage) nightmare: HUD policy draws scrutiny, lawsuit
February 01, 2013 01:30PM
By Kenneth R. Harney
 
The U.S. Department of Housing and Urban Development has a birthday gift for 91-year-old widow Jeanette Ogle that should cause any senior to think twice before signing up for a government-insured reverse mortgage.
Later this month, on Ogle’s 92nd birthday, her home in Lake Havasu City, Ariz., is scheduled for foreclosure — not because she did something wrong.
Instead, she is expected to lose her house because during a refinancing in 2007, only her husband’s name was included on the reverse mortgage documents prepared by a loan broker.
This was despite the fact that both her husband’s and her names were clearly listed as co-borrowers in the documents for the mortgage being refinanced, Ogle says, and the longtime married couple wanted no change in that status.
But under a controversial policy that is drawing national scrutiny and at least one major lawsuit, HUD — the agency that runs the reverse mortgage program — insists that when ... more

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