Although theoretically reverse mortgages represent a viable investment product for those considering retirement, several pitfalls are possible for seniors, who can be unsuspecting victims of fraud. This article provides information detailing the etymology of fraud activities within this market through a ...
For homeowners age 62 and older, the federally insuredHome Equity Conversion Mortgage(HECM) is the most common reverse mortgage product. Over the last 15 years, the HECM has undergone significant changes, becoming a popular tool for retirees seeking assistance with cash flow, liquidity, tax plannin...
Seniors considering areverse mortgage as a solutionto credit card debt should evaluate whether the amount ofhome equitythat they will lose in reverse mortgage fees and interest is worth it in terms of the amount of credit card interest that they will save. This is a complex calculation that is...
Reverse mortgages allow seniors to borrow money against the equity in their homes. A single-purpose reverse mortgage is one of the most cost-effective types of reverse mortgages, and they're also the most difficult to find. They are typically offered by local and state governments to cover hou...
these unscrupulous organizations get seniors to agree to reverse mortgages with unfair, illegal and harmful terms and conditions. For example, some reverse mortgage victims were charged fees up to 10 percent of their loan amount for a reverse mortgage agent to meet with them when they could have...
which provides funds for medical costs and other living expenses during retirement, is not intended to be used by seniors as a source of funds for making investments, loans to relatives and so on.Exhibit 3describes some situations in which a reverse mortgage may be a good option and some in...