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How to get out from under a crushing reverse-mortgage debt

Por: Los Angeles Times Business July 09, 2023

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Dear Liz: Our elderly father took out a reverse mortgage in 2010 with the goal of getting a $1,000 monthly income stream. Fast forward to today: Dad has passed away, and our mom is still alive at 97. The payback amount of the mortgage has ballooned to $360,000. Because it’s an adjustable rate mortgage, the rate is increasing with the inflation rate. We’re being told that this is all legal, but it seems like usury to me. None of us children... + full article



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