In this PBS video, a retired couple with a free and  clear  million dollar home is convinced by a mortgage broker to take out a risky refinance loan.  Unbeknownst to them, the type of loan they were steered into is called a negative amortization mortgage. This type of financing is also sometimes called Pick a Payment, Flex Pay or Option ARM loans.

Nightly Business Report profiles a these homeowners who was surprised by the risk factors of a this mortgage.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.