Newspaper article from our research archive:

Reverse Mortgage Abuse on the Rise.

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 ...

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