Mid-February, I posted about a 91-year old widow who was losing her home to foreclosure simply because her husband died. What happened is that the loan officer who did their reverse mortgage (a program that enables seniors to take cash out of their home equity) wrote the loan in the husband’s name only. Mr. and Mrs. Ogle didn’t understand what was happening, because there was paperwork for each of them to sign. They didn’t understand the consequences. When a reverse mortgage is written in only one spouse’s name, if that spouse dies, the survivor no longer owns the home.
Why would anyone do that? Some loan officers set up the loan for the oldest person so they can get more cash out. In the case of the Ogles, Jeanette didn’t understand that she was signing away the home she had and her husband had paid for and lived in together…
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