Washington Post

A Risky Lifeline for Seniors Is Costing Some Their Homes:

Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes and not pay it back until they move out or die, have long been fraught with problems. But federal and state regulators are documenting new instances of abuse as smaller mortgage brokers, including former sub-prime lenders; flood the market after the recent exit of big banks and as defaults on the loans hit record rates.

“All that glitters is not gold”. It is a shame that there are a pack of vultures out there that are conning some of the senior out of their homes with this relatively new scam called a “reverse mortgages”.

Some of these mortgage companies hire a few almost well know, dried up Hollywood celebs to help them perpetrate their con against some very vulnerable old folks.

Probably at the weakest time in their lives; ever since they squeezed their way into this world, some of these seniors are hanging on to dear life with the few procession they have when up jumps the devils that are out there praying on their frailties.

There is a lot of small print and loop holes in these documents that the average person does not understand or are too trusting and believe what these retired, washed up charlatans that appear on TV tell them.

Quite a few of the seniors are winding up on the streets without a roof over their heads when one of their spouses dies or some of the fine print is activated that was never explained to them.

There is no such thing as a free lunch and if it looks too good to be true you can bet it is!!

At a time in their lives when they are supposed to be “coasting” and be worry free, we have a pack of wolves that are trying to and in some cases succeeding to pull the rug out from under these seniors leaving them without a penny in their pocket or a roof over their heads.

That just proves the fact that these bastards don’t have a heart!! They would probably ripped-off their own parents or relatives, if they haven’t already.

Some of the “fine print” put the screws to Linda McMahon, 65, after her husband’s death, said she was unable to pay any of the property taxes and insurance on her home in St. Croix Falls, Wis. and found herself on the streets.

I think bastards is too kind of a word to describe these thieves.