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While reverse mortgages still have a negative connotation for many, those fears are mostly misplaced, according to Nick Buscaglia, senior vice president for residential mortgage at M&T Bank.
Reverse mortgages have weathered some controversy over the years, ranging from news stories regarding foreclosure cases against seniors who defaulted on the terms of their loans to a wider misperception that lenders automatically seize the property upon the death of the borrower.
Terra Foundation charged fees for filing fraudulent mortgages discharges, according to a federal indictment of five principals in the business.