Reverse Mortgage Nightmares Should Never Happen -- Top 10 Misconceptions About Reverse Mortgages

But, imagine this, as reported in the Miami Herald on July 12, 2013...

A reverse mortgage with an interest rate of 9.95 percent... plus a clause granting the lender a 50 percent share of any increases in the value of the home, plus an additional 2 percent for something called a "maturity fee" to increase the lender's payout even more.

And, as if those terms weren't egregious enough, on top of that the mortgage required the borrower to purchase a $33,000 annuity that would be added to the principal balance and that would both accrue compounding interest and reduce the amount that the lender would pay out to the homeowner in the future.''