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NBC Nightly News - Reverse Mortgage Ripoff?
By Michael Branson


I just finished reading an article about a network news program that did a negative report on reverse mortgages, citing an incident in Los Angeles of a senior borrower who was talked into buying annuities that did not mature until the year 2033 without a substantial penalty. I saw the actual Nightly News piece with Tom Costello. I was very concerned with the piece because I saw that they interviewed a woman identified as Robin Talbert with the AARP.

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Tom Hudson writes:

Subject: Reverse Mortgage Ripoff

We were also victims of the Reverse Mortgage scam by Wells Fargo. Whatever you do, please advise your readers NOT to use Wells Fargo. It will cost you almost $800. in fees - paid up front - and absolutely nothing will be done. Your money is out the door, no reverse mortgage funded, and the hoax goes on to the next senior citizen.

Comment provided October 12, 2009 at 5:16 pm

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