You have a reverse mortgage: Know your rights and responsibilities

MUSINGS BY DIANE:

Seniors should not be faced with homelessness because their spouse signed a reverse mortgage not understanding the legal consequences.  Don’t misunderstand me, there are good reverse mortgages that help the homeowner to stay in their home for as long as physically and psychologically possible.  Unfortunately, sleazy lenders saw seniors as easy targets for scams. 

Generally seniors trust those who are advertise themselves as “experienced”, whether the plumber, real estate agent, lawyer or doctor.  Trust must be earned, not freely given.  Always investigate any professional who is supposed to help you.  I say this time and again, typically you should be able to trust your gut.  Unfortunately, some con-artists are really good at deceiving others.  Reach out to family and friends for their guidance and common sense thoughts.

– Diane L. Drain
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