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?

STORIES

  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • If you get a divorce, make sure your date of birth is on the Decree if your name is changing!. . .

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  • State Bar of Arizona
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    www.maricopabar.org
    Referral number 602-257-4434
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    www.pimacountybar.org
    Referral number 520-623-4625
  • National Domestic Violence Hotline
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