TITLE

REVERSE MORTGAGE LEAVES BORROWER STUNNED AND STUCK

AUTHOR(S)
Smith, Hubble
PUB. DATE
August 2008
SOURCE
Las Vegas Business Press (10712186);8/4/2008, Vol. 25 Issue 31, pP16
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports on the financial disaster being faced by borrower William Lancaster resulting from his decision to take out a home equity conversion mortgage or reverse mortgage on his home in east Las Vegas, Nevada in 2005. Lancaster was told he owes $170,000 on a reverse mortgage for his home that is worth $130,000 at the very most. Financial Freedom Senior Funding Corp. paid off his $54,000 mortgage and gave him a $60,000 line of credit, which has a balance of less than $1,000 as of August 2008.
ACCESSION #
34162060

 

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