Mortgage lenders offer loans to elderly home owners whose original mortgage loans have been paid off. Loans may be for consolidation of other debts, helping grandchildren go to college, home improvements, etc. Some loans may feature high interest rates and multiple expensive fees for things like creditMoney loaned or the ability of an individual or company to borrow money. life or disability insurance, brokerage commissions, points’ and origination costs, etc., all of which are financed as part of the loan. Loan terms may include a "balloon payment" after a few years whereby the entire mortgage loan becomes due and payable. The same lenders may offer to refinance the mortgage loan a few months after it is signed, claiming this will make payments easier for the elderly home owners. The cycle begins again with the same up-front fees being charged and financed. This may happen several times. Fees for insurance on the earlier 30-year loans may not be refunded or rebated. The end result is that the home owners quickly lose most of the equity in their homes ("equity stripping") while continuing to pay high payments for what originally might have been a modest mortgage loan.