On the 4th day of april my elderly parents signed for a Quick loan refinance on their home in Titusville, Fla. This loan was activated by my elderly parents, with the interest rate started out as 11.65% and the payment and interest rate could change on the 1 day of may. This loan will have an interest rate of over 17.650%, this loan was based on the social security that was being brought in every month, with the loan being over $185,250. With a payment over $1800. Per month. My father died on Dec 3, and the income has been cut in half, how do they think that an elderly woman of 86 will be able to pay for this type of loan? Why would this type of loan be allowed, when no one was able to work and was on a limited income. Would this be considered a reverse mortgage? I have plenty of other questions but these are the starter ones.
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