A family in our church recently came to the knowledge their recently deceased father had, against all advice, taken out a Reverse Mortgage prior to his demise.
Approximately 12K dollars was borrowed. Either through ignorance or intentional design, he paid nothing in the year following the loan. That same 12K has now ballooned to 28K AND the mortgage company is demanding either the 28K or the deed to the property---worth about 100K.
Some of the family members are still reluctant to see where their elderly father ("He was too smart") was scammed by a woman and her two adult daughters. Outside observers can see this clearly.
I am not making any financial advice or estate planning information. What I am stating is a true case where a Reverse Mortgage has created a major burden for a good family. Also, elderly relatives need a trusted family member to handle their financial affairs.
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