How reverse mortgages can hurt, rather than help, aging Philly homeowners
“While some say reverse mortgages are useful because they allow the elderly to age in place, many others have recounted harrowing experiences — including foreclosures — in Philadelphia, which until recently was the city with the highest rate of reverse mortgage originations in America. (Origination refers to the application and processing of a reverse mortgage.) Some believe that reverse mortgage lenders have targeted minority homeowners in low-income neighborhoods with the zeal of predators.”