Reverse the curse....Reverse
Mortgages have cost thousands of elderly people their homes.
Why have Reverse Mortgages become a Curse to senior citizens?
Many are full of fraud and terms not disclosed to home owners. Why are so many tricked into taking these evil loans? First most of the homes are super inflated in appraisal value allowing crooked lenders to loan more on paper than the home is worth. Example a home is appraised at $400,000 for the reverse, home owner only owes $20 grand on home.
Reverse pays off the mortgage then gives homeowner $100 grand minus the $20 grand. The $80 grand is given to homeowner, the senior doesn't realize this is a 16% interest/ adjustable rate going up on the repayment of loan.
Then there's taxes & insurance on the property that senior must pay to be in good standing. This is not always clear to borrower. If the borrower is married and both parties on original deed of home it's likely the mortgage company may check medical records to see who might die first.
The unhealthiest of the two gets the loan in their name and the other spouse is removed from deed by signing a fraudulent quit claim deed.
The other spouse is allegedly coerced to do this, not realizing this will extinguish their rights to stay in the home after the death of their spouse.
In most cases the taxes come in the names of both homeowners after the property had been foreclosed after the death of the spouse whose names in the reverse mortgage is in. This is indication that the title company who closed the corrupt reverse mortgage was in on the loan deceit also. Yes they don't advise the victim of what will happen if they go thru with this loan. Once the senior has the check and is convinced, the high interest rate takes a toll on the value of the home using up the equity daily. By the property being inflated it lulls senior borrower into thinking home is worth more than actual value.
This scam makes it easy for lender to get the cherished home and cast out borrower.
**ALLEGEDLY, LIKE FORMER MAYOR CHARLES WHEELER OF KANSAS CITY, MISSOURI**
It wasn't enough that banks and crooked mortgage companies screwed millions of homeowners with adjustable rate loans and predatory lending causing the mortgage crash. Some borrowers owe back more than the home is worth because of the fraud and can't get a new loan to refinance home.
Reverse mortgage are not suppose to go this way but too many have. It's suppose to allow home owners to only pay back loan if they move from home, sell home, or die.
Then families of homeowner can buy back house from lender, most don't because of the cost. Next, there are the lenders who have had reports of duping customers.
Amazing in urban areas where Blacks & Hispanic seniors had lived in paid off homes they were never given Reverse Mortgages, only predatory non conventional sub prime adjustable rate loans. Now these lenders are desperate and will do what ever to draw a dime.
Hey! it wasn't just the mortgage companies but their evil relationship between Title companies, brokers who set up fraud, appraisers, notaries/escrow agents who all feed into the fraud & corruption nationwide.
Don't forget the foreclosure attorneys they are a big part of this operation also.
As the Lord Jesus Christ lives this evil will be caught and punished. So many are desperate for finances and being tricked into this daily.
Congress has not done anything to stop this because these same demons pour millions into the campaigns of these crooked senators & congress members.
How about a case like this going before the supreme court? Folks if you know of anyone who was done this way contact us at project 13d
on the contact page.
We want to help and allow others to reconsider reversing the curse
of reverse mortgage.