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bad things about reverse mortgages

Reverse Mortgage Tips

Vera Gibbons spoke with Julie Chen about when is a good time for a reverse mortgage and what to look out for.

Reverse Mortgage Leaves 91-Year-Old Bayview Man Fighting Eviction

Willie York purchased his Bayview home in the 1960s for $25,000 with the intention of one day passing it on to his four children.

Now 91, York's health has declined due to advanced dementia, but his condition isn't the only major problem his family is facing. Because of a refinancing loan that dates back more than 10 years, York and his family now face eviction.

Nonprofit Bayview Hunters Point Community Legal (BVHPCL) is working with York's daughters Carolyn and Janice to keep the home, a lawyer with the group told Hoodline.

After receiving a call from Reverse Mortgages of California (RMC) in 2007, York agreed to allow an RMC representative to complete paperwork to refinance his home and pay for needed repairs. According to York, an RMC employee named Thomas Perkins offered to administer a reverse mortgage deal and promised to pay for additional repairs by arranging contractors.

Perkins reportedly presented York with a completed reverse mortgage application; although York is otherwise illiterate, he signed the document.

what are the bad things about reverse mortgage ? what makes it a bad choice?

It's really going to depend on your situation. What are your goals, and when do you wish to accomplish them.

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