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Is there help available for senior citizens who have been preyed upon via reverse mortgages?

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Re: Is there help available for senior citizens who have been preyed upon via reverse mortgages?

$300k ($250k + $40k + $10) 

is only $483k balance after 5 years at 10% interest.

 

Either she started the reverse more than 5 years ago or something is definitely wrong.

 

Also, where is the money that she saved from not having a mortgage payment?

That should be another $100k.

 

She spent $300k more in less than 5 years than her basic living expenses?

 

It was her money and if it made her happy to donate a bunch and help her friends, then I guess everyone needs to understand that.

 

Unless her interest rate is above like 8%, seems the problem is more about where she spent her money than it is about getting ripped off.

 

It sucks for sure.

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Message 11 of 13
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Regular Contributor

Re: Is there help available for senior citizens who have been preyed upon via reverse mortgages?

OP: Look up the company and their reviews with the CFPB, BBB, and check with your State's Attorney General consumer protection office. If there are any red flags about this company, it's worth it to meet with an attorney who does this type of work (must be in litigation, though not just trusts/estates). 

 

I sold these types of mortgages for a VERY brief stint before becoming an attorney and, if all the documents say what you represent, something is wrong. A few letters and a subpoena should be productive. If she only took out $300K, there's no reason she should be underwater on the house. There is no reason not to look into it, except it will cost a bit of money for the attorney. It will be 100% worth it to find something, though. If you can't afford hte attorney, definitely start with your AG and local legal aid office. 

 

Best of luck.

Message 12 of 13
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Established Member

Re: Is there help available for senior citizens who have been preyed upon via reverse mortgages?

I hate to say it but things really don’t add up here.  Also it sounds like she has had the reverse mortgage for a while now even if calls were recorded they are long gone now.  So it’s a he said she said situation.  Didn’t the family wonder where she got the funds for the house upgrades?

 

 

really curious how long she has had it opened.

Message 13 of 13
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