Apartment living had been the norm for me as I lived in several different cities. But I’d always wanted to own my own home.
Finally, after I retired, I found a small house and was able to obtain a mortgage. However, this was a balloon mortgage—a loan where small monthly payments are made for a short time and then a larger lump sum or “balloon” payment is due when the loan is completed. Because the bank said this was the only type of mortgage they had, I agreed to it, even though I didn’t really feel right about the situation.
As the due date of the balloon payment drew nearer, I became very agitated and fearful because this particular bank had changed owners and I’d heard rumors that many of the bank’s clients were losing their homes.
