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You're browsing: Complaints » Foreclosure Issues » Article Title: HSBC gives 80-year old a 30 year mortgage
05
Feb
HSBC gives 80-year old a 30 year mortgage
Watchdog

LW in California said: “My 92 year-old dad just passed away and we discovered Dad took out a 72 thousand dollar 10% loan with HFC when he was 80 yrs old. This is a 30 year loan. No, there was no life insurance policy. Who gives an 80 year old man a 30 year loan unless they are a predator? Did they really think Dad would live to be 110?

We finally got a hold of HSBC customer service and were given our options. Pay off 65 thousand or assume the loan. We are considering selling the house but homes in this area are not selling well.

Since my husband is out of work and can’t get a loan to pay off this loan we are thinking of renting it out to section 8 HUD and making the loan payments out of that.

What could the motive been to give an 80 yr.old a 30 year loan without a life insurance policy if not to be able to one day own his home?”

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Category: Foreclosure Issues
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