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One couple’s story highlights the rationale behind the Financial Assessment
In an ideal world, the government and housing agencies would not have to protect people from themselves. The truth is that is not the world we live in, especially when it comes to reverse mortgage borrowers. A recent survey by the American College shows a widespread lack of financial literacy for both retirement and reverse mortgages with the vast majority of respondents receiving a failing score. It should come as no surprise that some senior homeowners who lacked basic knowledge of both are facing foreclosure today.
Reverse mortgages are biting back, this according to a recent article in the Eagle Tribune. It outlines the woes of what was once uncommon; an older couple in financial crisis who are facing foreclosure after getting a reverse mortgage. The story begins with Kenneth and Sadako Miller who saw a reverse mortgage television ad six years ago.
Download a transcript of this episode here.
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