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Reverse Mortgage Horror Stories for Halloween.

It's time for Tricks, Treats, Ghouls and Goblins and spooky stories... so I thought I'd write about the horrors of reverse mortgages.
 
We hear respected and beloved celebrities pitching reverse mortgages to seniors as safe, secure and government insured loans that can make your retirement bliss. Then we see articles and headlines about an elderly, sick grandmother being kicked out of her home by the big bad bank, or how evil Johnny scammed his grandmorther into getting a reverse mortgage so he could gamble all her money away.
 
Who does one believe?  Where can you find out the facts? Let's go trick or treating.
 
First the trick,
 
Reverse Mortgage horrors….“I know someone who lost everything to a reverse mortgage!” Don’t nod and walk away, look deeper. I had a letter just last week from a woman whose mother got a reverse mortgage back in 2007.  The woman asked me to call her as she was desperate to help her mom. So I did.  “Debbi”, she said, “My mom borrower $230,000 on her home with a reverse mortgage and now the money is gone!!”  As we looked into it further we found that a possibly “unscrupulous” financial ... more

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