Tuesday, October 16, 2012

CAREFUL WITH REVERSE MORTGAGES !

"WILL A REVERSE MORTGAGE LEAVE YOU HOMELESS?" 

The very loans that are supposed to help seniors stay in their homes are in many cases pushing them out. 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.

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