'Last Will and Embezzlement' (video)

August 22, 2012 1:00 PM

Filed under

News

Elder rights advocate Sandy Jolley joined Bob McCormick on Money 101, as part of “Fight For Your Right to Your Money” week. She is the Senior Editor for Elder Financial Terrorism and featured in a documentary detailing the struggle to save her parent’s assets after a reverse mortgage turned their world upside-down. A trailer for the documentary about the financial exploitation of the elderly can be viewed below.

If you, or a loved-one have fallen victim to a reverse mortgage scam, Sandy asks you to reach out and share your story. You may email her at sandy@elderfinancialterrorism.com.

For more information, you may also contact the Consumer Union

Julie S

Wonderful Sandy,
Sandy you did a wonderful job, thanks for the edit on my material I have it together to send to the CPFD. I still have not been contacted per anyone you told me about however do have a call from when I was working to call the lady back. Really anxious the lawyers just keep taking my money and doing not a darn thing. I ‘m like the this other lady does any agency really really Help?

sandyjolley

Only by all of us comng forward and telling our story can we make change. Let’s talk over the weekend.

Suzanne

I just want to know if anyone reading here has been helped by any government agency for filing Fraud on an agent and getting their money back———you keep reading where they are going to do this and that, but what about us that have already been scammed, what are you going to do about us. Well maybe the kids can start a movement to stop this reverse mortgage, because you lose right along with mom or dad or both ——————I want my help tell me where to get my help now

sandyjolley

I may be able to help you Suzanne. Email me at sjolley2@compuserve.com or sandy@elderfinancialterrorism.com

Suzanne

You say some people don’t understand some of the rules of a RM, well in my case I was told nothing but lies, and only told what would sound good . What are you suppose to do with nothing but lies for your info. I didn’t have a computer when I got mine, reverse mortgage. I have written a complaint to 6 government organizations so far and so far no help. They want your story for there records, but it stops there. I thought Premeditated Murder is a crime–why isn’t Premeditated Reverse Mortgage Fraud. My story has to be just like a lot of others. Travis Abbott of Denver Co, went right through the Scam 101 book to the T. You work your entire life to pay your house off and have some money to retire and in your will leaving your kids your house to sell when your gone for inheritance, now its all gone, and you have to maintain and pay for a property that belongs to a bank–don’t tell me that crap about you still own your own home. My house has a 166,000.00 mortgage on it and I don’t have the money to buy back my mortgage that was paid for free and clear. Travis stole my life’s work, my kids inheritance, and now I have to live in my house and be the care taker for a bank. I feel like death, and I’m rotting inside, on antidepressants, sleeping pills, I just want to wake up from this night mare. Of course he won’t answer his phone, and in a email says—I HAD NOT ONE THING TO DO WITH THE REVERSE MORTGAGE WHAT SO EVER—he did all the verbal lies, so no paper trail—his paper trail comes in with the annuity he put me in –and all for his commission (PROFIT). What I really want to say is I can not find anyone going to jail over this Fraud–so they keep doing it–and they know, they can get away with it. all the government crap about caring is BS. I have a fool proof case to the T where I was scammed, I am handing this guy over with all his information they need and absolutely no help, they just keep passing me on. I only have 2 places yet to go, and then what. This guy even advertises his business as consulting and planning for retires. I need a Lawyer that will (contingency). My whole story takes to long and after a while we all sound alike and we are not reading each others post, because we are just rambling on and there is nothing we can do. I would like to thank the government for letting these rotten Bas. at us when we turn 62 to let out of their cages and hunt us down, and the government pretends they care. Universal Lending wrote contract and then sold it to Bank of America–66 years now- but actually I am really dead and this is a horrifying Dream where someone stole my life and my kids life–this affects so many people.

Suzanne

I just have to say more, to make you even feel sicker. In 2005 I moved out of the big family home and moved to a smaller house to live, to be able to care of easier. Paid 232,000.00 in cash, from money for first house. Now, for the Reverse Mortgage I got 136,000.00 thousand. If I hadn’t done the reverse mortgage when I died my kids would be able to —not pay ordinary income taxes on the 232,000.00 (no Taxes on that amount). No taxes on the 136,000.00 So if you have your money in an annuity and your getting some interest they will have to pay taxes on that interest. From doing the RM I cheated my kids out of 96,000.00 of free non taxable money————- Do you know how many years you will have to try and make up enough interest, and be taxed on, opposed to of never of done the reverse mortgage and pay no taxes on it..In my case i would have to make 96,000.00 thousand and then i would have to make more than that to cover the tax on the interest. Now do you know why this is good for the government—-Now your kids get to pay taxes on what is in interest from the 136,000.00 instead of paying no taxes after 232,000.00. and there again you don’t have to pay taxes on your estate up tp a million (right now) but if your money is in an account like the annuity, your kids are going to have to pay taxes on the interest. And even worst— if they have your 232,000.00 they are good to take that money and run and now your money is in an annuity and if they take(———– all the money out at once )————-they will pay (TAXES OUT THEIR A HOLE) So now they have to take their money out a little each year. Man are we scr–ed–. This is more money for the government—————-why would they stop this scam and put anyone in jail———–they are really working for the government. I don’t know how well I did in this explanation, but think it over and maybe you will know where I’m coming from. This is why I can not function as a person anymore. Now my kids are cheated out of my lifes work.

sandyjolley

Thank you, Bob for having me on your great show “Fight for Your Right for Your Money” and giving me the opportunity to share with our story with your listeners.
sandyjolley

Thank you so much, Bob for having me on your show!