Shame on Tooele Valley Extra for printing the article “Reverse Mortgages can save seniors more money” in the July 15 edition. Nothing could be further from the truth and readers need to educate themselves completely prior to buying into one of the most expensive financial products available. Reverse mortgages stink. They are horrible. First off, they drive elderly people with a paid-for home back into debt. They have ridiculous interest rates and fees. Compounding all of that, there are huge incidents of fraud associated with reverse mortgages. The Federal Trade Commission lists reverse mortgages as one of the top kinds of fraud going on currently. Even taking out a legitimate reverse mortgage would be a costly mistake. Do the math and stay away. Next time Tooele Transcript Bulletin, let’s hear both sides of the story and don’t sell out to Wells Fargo Advertising.

Laura Swanson

Stansbury Park