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 ...
Seniors considering areverse mortgage as a solutionto credit card debt should evaluate whether the amount of home equity that 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...
But for seniors who want to stay in their homes and age in place, a reverse mortgage may be a good option, she noted. "If you think you will move in 10 years, don't take out a reverse mortgage," Munnell said. She also warned that it's not an appropriate loan for homeowners in ...
The reverse mortgage debt does not become due until the house is sold or the homeowner(s) move out permanently. At that time the lender likely will receive payment of the loan balance through the sale of the home, though in order to keep the house in the family, the homeowner or family...
Reverse Mortgage pitfalls, Selling Stock, 401(k) Options Q My parents are in their mid-70s and have some health issues. They would like to stay in their home. Would a reverse mortgage make Sense for them? For cash-strapped seniors rich in home equity, a reverse mortgage can spell the ...