January 26, 2007 at 12:10 AM #8277sean_us2Participant
I have an elderly friend (86 yr old man) who recently lost his wife this year. Prior to her death (probably while she lay on her death bed) an investment company representative approached my friend and offered, what he was told a reverse mortgage. He was told he would never have a bill to pay for the rest of his life and that he can live out the rest of his life in his home. He lives on a monthly fixed income.
This gentlemen has a 3rd grade education and is not quite literate. My fear for him now is that he has been told to moved out of his home because this company owns the home and that they will be making repairs in order to move in themselves, before the end of the year. My God its almost December.
Can someone point me in the right direction as to who I can seek help from to check the credibility of this investment company and to provide some answers to my friend. Even to get documentation of what was signed. He does not have in his possession ANY signed documentation by this company because he was told by them, not to worry “we take care”. The company representatives would approach my friend in a drinking establishment to have him sign paperwork on various occasions.
Oh, by the way my friend’s wife was buried and all arrangements were made by this investment company with the representatives claiming to be “family”, because my friend is their “uncle”. My friend’s burial plot has been changed to this company representative’s name along with my friend’s name on the deed?January 26, 2007 at 3:28 AM #44229connor_us65Participant
You need to get your friend to an attorney as soon as possible, whether a private attorney or a legal services attorney and of course the reverse mortgage is not necessarily a bad option in this case – What is bad, are some of the companies selling the reverse mortgage AND other “investment opportunities” – Even with limited details, this sounds like something that your friend should seek professional help may be you can try Meridian Financial(Meridianlendersonline.com), Inc, 310 SE Hernando Ave., Lake City, FL 32025, Call : 941-380-9166January 26, 2007 at 12:43 PM #44252gold_dredger_phdParticipant
A reverse mortgage is just “Elder Cleansing” from the high cost real estate areas.
They should give them 5 year reverse mortgages in SD and then just move them to Nebraska when the money runs out!
These bankers are very clever social engineers. You gotta turn over the property to make more money. The government gets more revenue once the value for tax assessment is updated when the house changes hands.
- You must be logged in to reply to this topic.