When I heard this story my immediate thought was that she was preyed upon by greedy commissioned lenders looking for an easy target. Boiler Room, anyone?

Let me throw out this hypothet:


You are living in a house with no mortgage, and living on a fixed income. You are, for lack of a better term, house rich and cash poor. You are presented with an offer, thru cold calling, saying let us free up some of your cash in the home. You think to yourself, well, it is my money... I've got bills... prescriptions to be filled... doctor visits and healthcare, and anyway... its my money. You have no one you trust to help you understand the terms and guide you in making the decision. What do you do? Now imagine you are 86 years old... I doubt the lender bothered to explain the details.

IMO, this lady's scenario is unique and stands on its own.