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FBC The Willis Report March 27, 2014

Gerri we begin tonight with new concerns over reverse mortgages. As the market grows and grows there is mounting criticism the way some banks handle the deals. Across the country people finds out hopes they thought were theres are taken away. It happened to laura when the bank sped up bidding on her fathers foreclosure. We have mark from stern cool school of business who studies the issue. Laura, i will start with you. A lot of folks dont know what a reverse mortgage is. It is exactly like what it sounds. Instead of you paying the bank for a house, the bank pace you. It is an arrangement more and more seniors are doing. Laura, your father had a reverse mortgage. What happened when you tried to buy back the house . Well, i was one of the lucky ones. I was there with my father when he filled out the paperwork and, right now, our issue is not buying back the house at this moment. We were promised that i would, he was promised that i would have 12 months to be able to figure that out. As a ....

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