After the Chinese regime promoted the option of reverse mortgage loans to elderly citizens in August 2018, more and more predatory loan companies have sprung up. Many have lured elderly into their trap, leading them to owe millions of yuan within a short period of time.
Reverse mortgages allow homeowners to convert their home equity into cash, while no monthly mortgage payments. Borrowers can then take out the funds however they choose. This is a popular option among seniors to obtain a steady source of income in their final years.
