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Letter: Reverse mortgage proves devastating

Reverse mortgage proves devastating

I would like to warn people about taking out a reverse mortgage. Unfortunately, my dad passed away this past December and since then I have found out how costly and life-changing a reverse mortgage can be. Dad apparently took out a reverse mortgage in 2009 for $40,000. Fast forward to now, and the total owed is almost $90,000. The company charges almost $300 a month in fees. My mom can still live in the house, but really, it is no longer hers.

When I called this company, the woman was very cold and to the point. She told me that when mom passes away to clear her personal things out of the home and leave the keys on the counter! Please, unless you are in danger of having to live on the streets, do not get a reverse mortgage. These companies are not out to help anyone but themselves and they are making big money doing it. It should be illegal what they are doing. I hope this can save someone else from what my family is going through.

Margie Holt

Cheektowaga