www.HappyCashAdvance.com The popular Reverse Mortgage Loans have now become stuck in the
downward spiral. It is a concept introduced by the United States
Department of Housing and Urban Development (HUD) for the seniors of
this country who are retired from their jobs and have become poor. If
they have a home then there this is a way through which they can get
regular income. They can use the equity of their property to get
additional cash just by sitting at home.
www.HappyCashAdvance.com
But in 2008, the HUD department changed the laws of reverse mortgages that caused a number of senior citizens to end up totally bankrupt and homeless. This is the main reason why the American Association of Retired Persons filed a lawsuit against the HUD that it is causing many senior homeowners to become homeless. They did this for the three house owners who applied for reverse mortgage and ended up with foreclosures. The association said in their suit that HUD changed the laws without giving any prior notice and played with the lives of susceptible elderly individuals.
First the Lenders encourage only one of the persons from a senior couple who is the eldest to sign up for this loan program and the other one to be completely irrelevant of it and then if the original signer passes away then his or her surviving spouse will have to pay off the loan regardless of their difficult financial circumstances or worthless home. The house in which he or she lives will get sold to extract the money for the loan.
www.HappyCashAdvance.com
The complainant just managed to get the evidence of three surviving spouses however; there are millions of elderly people in the same situation of ending in a foreclosure. Right now, the values of homes in the United States have decreased to a great extent. They are very difficult to refinance or even sell.
The complainant further states that HUD very cleverly is making these worthless properties to be sold and extracting maximum profit from them causing the heirs of the original borrower great deal of loss. Hence, this department is putting the lives of many people on stake just to regulate its own profit.
If you a senior citizen or you knows any elderly couple who has signed up for this loan program then you should make them aware of this news and caution them because reverse mortgage is not as attractive as it sounds.
www.HappyCashAdvance.com
But in 2008, the HUD department changed the laws of reverse mortgages that caused a number of senior citizens to end up totally bankrupt and homeless. This is the main reason why the American Association of Retired Persons filed a lawsuit against the HUD that it is causing many senior homeowners to become homeless. They did this for the three house owners who applied for reverse mortgage and ended up with foreclosures. The association said in their suit that HUD changed the laws without giving any prior notice and played with the lives of susceptible elderly individuals.
First the Lenders encourage only one of the persons from a senior couple who is the eldest to sign up for this loan program and the other one to be completely irrelevant of it and then if the original signer passes away then his or her surviving spouse will have to pay off the loan regardless of their difficult financial circumstances or worthless home. The house in which he or she lives will get sold to extract the money for the loan.
www.HappyCashAdvance.com
The complainant just managed to get the evidence of three surviving spouses however; there are millions of elderly people in the same situation of ending in a foreclosure. Right now, the values of homes in the United States have decreased to a great extent. They are very difficult to refinance or even sell.
The complainant further states that HUD very cleverly is making these worthless properties to be sold and extracting maximum profit from them causing the heirs of the original borrower great deal of loss. Hence, this department is putting the lives of many people on stake just to regulate its own profit.
If you a senior citizen or you knows any elderly couple who has signed up for this loan program then you should make them aware of this news and caution them because reverse mortgage is not as attractive as it sounds.