Foreclosure

questions & answers

Question: My father took out a reverse mortgage. The house appraised @ $320k, they wrote him a line of credit for $425. Thankfully he didn't use all of this money. Is this considered preditory?

Answer:

To find out more about predatory lending, take a look at the article titled, "Predatory Lending Schemes and Scams." In that article you will find information about predatory lending as well as links to the Arizona Attorney General's website, the Arizona Attorney General Predatory Lending Brochure and the website for the U.S. Department of Housing and Urban Development (HUD). You can find a list containing signs of predatory lending from the HUD or Attorney General sites. 

QUESTIONS

  • My father took out a reverse mortgage. The house appraised @ $320k, they wrote him a line of credit for $425. Thankfully he didn't use all of this money. Is this considered preditory?

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