PHILADELPHIA AP – Jennie Scott is facing higher mortgage payments next month that she can’t afford on her $1,000 monthly Social Security income.
The 74-year-old North Philadelphia widow took on a $55,000 loan three years ago to pay off credit card debt and the remainder of her original mortgage. A mortgage broker locked her into the loan with a prepayment penalty. Now, her adjustable rate mortgage is scheduled to reset higher – a fact she said her broker failed to disclose when she was signing the papers.
