SENIOR CITIZENS, BEWARE OF “REVERSE MORTGAGES”

By on October 17, 2012 with No Comments

  The National Homeowners Advocate Group is asking all senior citizens to be cautious if  approached by anyone calling, sending literature, stopping by their house or any form of communication pertaining to attaining a "reverse mortgage".  If you have a substantial amount of equity in your home, you may become a target by "reverse mortgage" predators who are turning the well-meaning intent of this type of funding for seniors into a living nightmare. Due to the growing number of "baby boomers" coupled with the current economy, reverse mortgages are not only becoming more attractive to "baby boomers" but the incidence of fraud is also on the rise so please be careful.

Please click on the link below for a heart wrenching story regarding this type of mortgage:

http://finance.yahoo.com/news/risky-lifeline-elderly-costing-homes-145603047.html;_ylc=X3oDMTNuMTlzcjRiBF9TAzExODMzMDk3OTkEYWN0A21haWxfY2IEY3QDYQRpbnRsA3VzBGxhbmcDZW4tVVMEcGtnAzhhYjljOTJhLTk1OGUtMzc0Yy04Yjk5LTM5N2Q0MzlkODdlYgRzZWMDbWl0X3NoYXJlBHNsawNtYWlsBHRlc3QD;_ylv=3

 

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Category: News

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