PEOPLE BEWARE (REVERSE MORTGAGE)
People please take notice, as a consumer trying to help you to make sure
you look into all of the angles in this Reverse Mortgage for family members.
I have someone who was going through a hell of a time after his mother passed away.
When she got the Reverse Mortgage she was sorry, changed her mind but could not get out of it.
1. They gave her so much paper work, it would have taken an attorney at least two weeks
or more to review them.
2. This person has tried since his mother died to reach the mortgage company for information.
He then wrote a letter to them and enclosed the death certificate. After going over a few
pages for information we assumed he had six months to either sell the house or pay the
balance of the Reverse Mortgage.
3. When you get this mortgage you are told to be sure your children know the situation. Meaning
they will have to either buy the house back from the company in order to keep it. They don't tell
you that anyone who is living with you will be homeless if he or she doesn't sell the house within
six months. They sell it for the balance of the Reverse Mortgage and like I said, your live in child
is homeless.
4. The Mortgage company has not corresponded with this person.
5. I am not naming the mortgage company for obvious reasons.
People, PLEASE, make sure you have an attorney or someone who can help you review any and
all print including small print on these documents. If you have children who live away from
you this might be for you, I say MIGHT.
I hope this has given you some help in deciding what to do. When you have a close person die
you don't need this kind of confusion while you mourn.
Children, make sure your parents have your support whatever they decide.
Good Luck and God Bless you all who need this unforgiving mess.
you look into all of the angles in this Reverse Mortgage for family members.
I have someone who was going through a hell of a time after his mother passed away.
When she got the Reverse Mortgage she was sorry, changed her mind but could not get out of it.
1. They gave her so much paper work, it would have taken an attorney at least two weeks
or more to review them.
2. This person has tried since his mother died to reach the mortgage company for information.
He then wrote a letter to them and enclosed the death certificate. After going over a few
pages for information we assumed he had six months to either sell the house or pay the
balance of the Reverse Mortgage.
3. When you get this mortgage you are told to be sure your children know the situation. Meaning
they will have to either buy the house back from the company in order to keep it. They don't tell
you that anyone who is living with you will be homeless if he or she doesn't sell the house within
six months. They sell it for the balance of the Reverse Mortgage and like I said, your live in child
is homeless.
4. The Mortgage company has not corresponded with this person.
5. I am not naming the mortgage company for obvious reasons.
People, PLEASE, make sure you have an attorney or someone who can help you review any and
all print including small print on these documents. If you have children who live away from
you this might be for you, I say MIGHT.
I hope this has given you some help in deciding what to do. When you have a close person die
you don't need this kind of confusion while you mourn.
Children, make sure your parents have your support whatever they decide.
Good Luck and God Bless you all who need this unforgiving mess.
