|
|
Reverse Mortgage Abuse on the Rise.
- Article from:
-
Kiplinger's Retirement Report
- Article date:
-
May 1, 2008
|
Copyright informationCOPYRIGHT 2008 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
AFTER HER HUSBAND died in November 2003, Ernestine Boach met with a financial adviser, who told her that her $60,000 life-insurance policy was inadequate. He assured Boach, who had just retired as a clerk for a local school district, that he could boost the value of the estate that she would leave to her daughter. And, he said, it wouldn't cost her a cent. "He said he had a wonderful deal for me," recalls Boach, of Chula Vista, Cal. "He said all I have to do is buy a reverse mortgage."
What she really bought though was a lot of trouble, according to a lawsuit she later filed in California Superior Court. The adviser, who was an insurance agent, called in an employee of ...