Good Grief! How STUPID...or GREEDY is she??? 66 isn’t THAT old! what happened to the MONEY SHE GOT????
*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.*
>> Good Grief! How STUPID...or GREEDY is she??? 66 isn’t THAT old! what happened to the MONEY SHE GOT????
Those are good questions.
Before you get too harsh, however, keep in mind that many older folks suffer from a degree of dementia that makes them easy targets. Even as early as their 60’s.