Seniors Turn to Risky ‘Reverse’ Mortgages. Susan Salehi Bankruptcy Ventura Oxnard Camarillo Santa Barbara Woodland Hills Los Angeles CA

http://bankruptcyattorneyventuraoxnard.blogspot.com/2012/09/seniors-turn-to-risky-reverse-mortgages.html

By SHERYL NANCE-NASH, The Fiscal Times

September 10, 2012

Elderly homeowners signing up for “reverse” mortgages might be latest victims of the housing crisis. A reverse mortgage allows homeowners 62 and older who own their homes outright or who have low mortgage balances to get cash by borrowing against the equity in their home. The mortgage comes due when the borrower dies, moves or sells the home – often shifting the responsibility to family members or heirs. RELATED: The Underwater Retirement: Home Values Ruin Dreams “Reverse mortgages have increased over the past five years. Many retirees, having experienced massive retirement income loss, due to the current state of the economy, have resulted to reverse mortgages as a financial refuge,” says J. Varney Barker, author of New Rules of Home Ownership for the 21st Century.

The Law Office of Susan J. Salehi has helped 1000’s of people like yourself with Chapter 7 and 13 bankruptcies since 1992, both in the Santa Barbara/Ventura and Kern County areas. We offer a free consultation, reasonable rates and payment plans. All of your options will be explained during your free consultation with the attorney at the Law Offices of Susan J. Salehi. We ask that you bring six months’ proof of income (paystubs/rent receipts/profit and loss statement if self-employed), the last two years’ tax return, a credit report – free ones are available at www.annualcreditreport.com, any foreclosure notices, lawsuits, and correspondence from the IRS or FTB if you owe pastdue taxes.

Call today for a free, no-obligation consultation, contact us through our website at salehilaw@aol.com. Start at only $999 Attorney Fees. Restrictions Apply. Stop Foreclosures with a Chapter 13. Operators 24/7. (805) 654-1467, (818) 880-8305, (661) 631-0252, (805) 202-4688.

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