There are different types of reverse mortgage scams that target older adults. Some will try to sell you on particular ways to invest the money, while downplaying the costs associated with a reverse mortgage. Contractors might pressure you to get certain repairs done, or salespeople might pressure ...
There are different types of reverse mortgage scams that target older adults. Some will try to sell you on particular ways to invest the money, while downplaying the costs associated with a reverse mortgage. Contractors might pressure you to get certain repairs done, or salespeople might pressure ...
Before taking out a reverse mortgage, homeowners should consider alternatives, said Sean Keating, a certified financial planner and principal and founder at Patriot Financial Advisors. (All borrowers, in fact, must complete government-approved counseling before they can qualify for a HECM loan.) For ...
AARP also offers information on alternatives to reverse mortgages, such as selling and moving, warning that if you enter a reverse mortgage, the equity in your home may not be available when you need it. AARP also advises that the money pulled out of the house be used wisely....
* Independent Living Resource Center. This nonprofit group also publishes a list of reverse-mortgage lenders and a brief description of alternatives. But unlike the AARP, the center focuses only on California--which means its list tends to be more up-to-date than those offered by other agencies...
A reverse mortgage line of credit cannot be canceled. Finally, downsizing into smaller digs as a way to tap home equity, while making good financial sense, may not be what retirees want. More and more retirees want to "age in place," according to AARP. ...