Bankrate and AARP take a more subdued stance, stating that“the interest rates on reverse mortgages vary by lender, but tend to be higher compared to a regular mortgage”4and“reverse mortgage interest rates tend to be a bit higher than rates for home equity loans or home equity lines of c...
Be on the lookout for foreclosure scams, too. These scams target older homeowners who are at risk of losing their homes to foreclosure. In this instance, the con artist promises relief by providing a reverse mortgage, but the reverse mortgage they offer comes with exceptionally high fees. Some...
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 ...