Reverse-mortgage nightmare can start after borrower dies

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Reverse-mortgage nightmare can start after borrower dies

Reverse-mortgage nightmare can start after borrower dies

Philly-

Financial decisions can have consequences that outlive the people who make them.

In the case of three women, two in South Philadelphia and one in Delaware County, the decision to take out a reverse mortgage – a special kind of loan that allows borrowers 62 and older to convert a portion of their home’s equity into cash – has made their lives a nightmare.

All three were younger than their spouses and not yet 62, which meant they did not qualify for these mortgages and could not be co-borrowers. Their names were removed from the deeds so their husbands could qualify.

Read more at http://www.philly.com/philly/business/real_estate/20150728_Reverse-mortgage_nightmare_can_start_after_borrower_dies.html#H7fubeYSvvqgkz0C.99

 image: CNN Money

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