1% mortgage – from joy to time bomb

1% mortgage – from joy to time bomb

A disabled man on a fixed income risks losing his home over his adjustable rate mortgage.

The official-looking notice appeared in his mailbox last year. To Denith Harrigan, the promise of an interest rate as low as 1 percent was too good to ignore.

Disabled and on a fixed income of $2,100 a month, Harrigan could finally pay off credit card debts and fix his leaky pool. What a deal.

Or so he thought.