Reverse Mortgages

Reverse Mortgages

Many retired Americans are facing increasingly difficult times caused by the volatility of the economy affecting their retirement investments' value added to the increasing costs of healthcare. Pensions and Social Security payments may not be sufficient to cover living expenses and medical costs, not to mention any of the extra perks that cost retirees money, such as gifts for family members, travel, or donations to charities.

Reverse Mortgages Popular Source of Income

Though some retirees may have full and clear ownership of their homes, having paid off their mortgages before retiring, many still have outstanding balances to pay. Reverse mortgages, in contrast, promise to pay the retiree in monthly installments based on their home equity and seem like an attractive means to gain an income stream that does not take additional, daily work. Unfortunately, because of the rising number of retired persons in the market for reverse mortgages, many mortgage-lenders have begun to use unscrupulous tactics to market and promote these instruments, and several have been accused of adding improper and illegal fees to the reverse mortgages.

Seeger Weiss LLP is investigating claims of misconduct on the part of reverse mortgage lenders for a potential class action lawsuit. If you have taken out a reverse mortgage, and you are concerned that the mortgage lender is behaving unethically and you would like to speak with an attorney regarding your potential rights please fill out the free case evaluation form, or call toll-free (888) 584-0411. Attorney consultations incur no obligation on your part. All initial consultations are free of charge and do not create an attorney-client relationship.