BEWARE OF REVERSE MORTGAGES

Reverse mortgages sound tempting if you are over 62-years-old and need money. They let you use your house as a piggy bank by taking equity out, but the fees are high and you still have to pay all of your bills including taxes. A story by Jessica Silver-Greenberg in the New York Times highlights the problems and reveals regulators’ growing concern because according to her report 775,000 reverse mortgages are outstanding. Many have lost their homes and many others are at a risk.

 

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