Reverse Mortgages Ripe for Consumer Abuse?

Reader Comments
Back to blog

I rarely participate in these comments, but I really have to share my story with 1 company which has tremendously helped me. I just turned 74, many obstacles have come in the way of my retirement including a divorce a few years ago which really hurt me financially, to be honest I had this feeling that my savings and SS income were not going to be enough. Months and months of research and dealing with big banks - nothing but a big headache and they wanted to charge an arm and leg - I was considering a standard home equity loan but then I started reading about reverse mortgages. Long story short, i found this company while searching online - reverse mortgage lenders direct - they were able to automatically compare lenders for me and quote me a fantastic quote. I am not saying you need to do a reverse mortgage (for me this has been excellent and recommendable) but if you do here is their number 877 700 0534 - you can find the site online search for reverse mortgage lenders direct.

smithtony184 of NY 7:02AM May 30, 2012

In addition to the above My sister was an invilid and had Dementia. Her treating doctors wrote letters stating she did not have the mental capacity to understand the complexities of a Reverse Mortguage or the mental capacity to enter into a legal contract. This information was given to B. of A. FHA and HUD but made no difference. the so called HUD counsler allegedly interviewed my sister over the phone. The interview check off sheet had no questions as ask if she were taking any medications, (she was on 15 meds including Oxycodene); had talked to any family members or attornies; or felt she was mentally competent to contract. The HUD counsler refused to meet me or talk to me.
I have personally heard her social workers representing they were my sister when conductng business on the phone. My sister was a complete invilid and required almost constant help even to take her meds. This is a Crime of Elder Abuse possiably by one of the social workers, the salesman and Poor HUD counsling practices, which all add up to a tragedy. I am going to be homeless unless something can be done by Congress or HUD issuing a waiver.

Larry Anderson of CA 4:27AM October 28, 2009