Archive for January, 2008
AARP: Lenders abuse reverse mortgage sales
AARP: Lenders abuse reverse mortgage sales,
Firms then push LTC, annuities to borrowers
Reverse-mortgage lenders may be depleting the home equity of borrowers by offering inappropriate financial products, according to a report issued last month by AARP.
Nine percent of borrowers surveyed by the association said lenders had offered them financial products such as annuities and long-term-care insurance [...]
Elderly homeowners look into reverse mortgages for additional cash
Elderly homeowners look into reverse mortgages for additional cash,
Pittsburg resident Loris Brown saw an ad on television some time ago and decided that the advertisement was worth looking into.Weeks later Brown, an 82-year-old retiree from Borden Dairy in Kansas City, Mo. found himself with $90,000 to do with whatever he deemed necessary.
That is because the [...]