AARP devotes asection of its websiteto reverse loans, their uses and risks. The National Reverse Mortgage Lenders Association is also a good reference andoffers a calculatorto determine the maximum loan amount that you could get, the payment options, and the maximum fees and charges that could...
Eligibility For you to qualify for a reverse mortgage, you must own your home, be living there and be 62 years old or older. You do not repay these loans while living, or until the home is sold, so there are no income requirements. Video of the Day Mortgage Calculator Home value How ...
that a reverse mortgage could be a very expensive way to borrow money for a short-term need," said Lori Trawinski, a certified financial planner and director of the AARP Public Policy Institute.
doi:urn:uuid:2d861bd3cd5a2310VgnVCM100000d7c1a8c0RCRDAARP filed a class action lawsuit against Wells Fargo Bank and Fannie Mae in connection with the foreclosure and eviction of reverse-mortgage borrowers and their survivors.Fox Business