We’ve all see the ads for reverse mortgages aimed at elderly persons who have managed to pay off their homes and remain in them.  Here is the part of the advertisement they don’t tell you.  All of our elderly are at risk of exploitation not only from predatory guardianships, but also from predatory lenders.  

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Live Link:   elderfinancialterrorism.com

Our story is about my parents, Patricia and Richard Hickerson who were sold a reverse mortgage that was not needed or appropriate for their circumstances.  It’s a tragic story of deceit, fraud and purposefully targeting vulnerable seniors to deprive them of their property, retirement, dignity and quality of life.MOM AND DAD’S HEALTHIn April of 2002 Mom was diagnosed with Alzheimer’s disease and could no longer balance a checkbook or manage the family finances as she had all her married life.  By 2003 mom was unable make change for a twenty dollar bill.  She required assistance in basic activities of daily living.      REVERSE MORTGAGE TIMELINE:The Reverse Mortgage my parents received was:One time lump sum payment           $  81,000                  Financial Freedom and Pacific Reverse Mortgage prey on vulnerable seniors by never doing the “right thing” to make sure the consequences of their loans will do no harm.  They did nothing but  gain my parents trust, and steal their home.    HOW THE REVERSE MORTGAGE AFFECTED OUR FAMILY
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One month after signing the reverse mortgage contract Dad passed away.  It breaks my heart that Dad’s dying wish to care for mom for the rest of her life, was stolen from him.  If the terms were explained simply and honestly that for a one time payment of $81,000 (15% *of their property value) they would pay $25,000* in fees and costs in exchange for their home, dad would never have agreed.  Let’s be real – who in their right mind would
agree to these terms?  Please help us fulfill Dad’s dying wish to provide care for mom.  Please donate today to help
provide the care mom needs at the end of her life.

Mom and Dad were good, caring, and trusting  people who worked all their lives to provide for each other and their family.  They lived in a modest home they took pride in for 25 years.  Mom and Dad volunteered together delivering  “Meals on Wheels” and Mom volunteered for the city and thrift shop.  They enjoyed giving back to the community where they lived.

Dad had been suffering from 9 major illnesses for more than 10 years, including heart disease, lung disease, and diabetes.  By 2004 he also had metastatic cancer in his head and advanced liver cancer.  Dad knew he was dying but  he never told anyone.  He never complained or told us how much he was suffering.   More