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Reverse mortgages were created to help senior citizens. … In these instances, the perpetrator of the scam uses high pressure sales techniques to push … he or she will insist that a reverse mortgage is the best option to pay for these improvements. … we'll focus in particular on the case of Larry Bekis from St. Paul, Minnesota.
Aug 28, 2017 … As she was getting on in years and her resources dwindled, Virginia … Under the terms of the loan, Rayford can defer paying back her mortgage debt that totals … More than 18 percent of reverse mortgage loans taken out from 2009 … She said servicers don't want to displace struggling senior citizens, but …
Jan 22, 2018 … For some homeowners, a reverse mortgage may be the best way to … mortgage loans allow for an initial draw that may be used to pay off the …
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Jan 23, 2018 … Reverse mortgages are becoming increasingly popular ways for seniors to … Some elders need to pay off old home equity loans, while others may have … Anticipate as best one can whether a senior will require an increased …
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Consumer Reports (a non-profit organization) says "For seniors reverse mortgages can carry big risks and come at a high cost." and HUD says "If Additionally, the senior loan must be repaid if you fail to pay your property taxes or homeowner's insurance or if you let the property's condition deteriorate.
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Some seniors even need reverse mortgages to pay off high property taxes. In fact , many senior citizens have been saved from having their homes foreclosed or …