[DevNet]

*In 2007, she received numerous phone calls from a mortgage broker named Daniel Lewis. According to Mrs. Couts, he told her he was contacting seniors to warn them that banks were canceling reverse mortgages because they were unprofitable. She would have to refinance her home, he told her, or lose it. (This wasn’t true; reverse mortgages generally aren’t repayable until death.)*

*Mrs. Couts signed a document that said she could cancel within three days, and also signed documents that she thought were for a 30-year conventional loan with low monthly payments. The next day she saw that the application listed her income as $5,075 a month. She called Mr. Lewis to point out the error and to cancel the loan, but says he told her it was too late to change anything.*

[Ann Archy]

Sorry....not buying it. I saw THREE STUPID women on TV last week....one black woman had Negeative income and One MILLION in houses....One said she was old....white hair, so how was she to KNOW anything....one...don't even remember what she looked like, but they ALl had one thing in common....they took NO responsibility...NONE!! It disgusted me.

All these peole got MONEY....wheer is it??

[editor-surveyor]

This was a very common con about eight years ago, before specific criminal statutes were enacted to deal with the convoluted circumstances that can be involved.

[Tenniel2]

At the very least, Lewis's refusal to honor California's statutory 3-day documentary cooling-off period should be actionable.

Even so, you'd think that before giving this tout the time of day the woman would have rubbed her two remaining neurons together and contacted (1) her relatives, (2) the institution holding her reverse mortgage, (3) her lawyer, (4) the Sutter County Department of Elder Affairs, and (5) the state's Department of Consumer Affairs. Not necessarily in that order.