Hi All,
The family is on the move. We’re moving this weekend and likely will be with out internet access or free time for the majority of the weekend. We’ll be back in full force after the weekend so don’t miss us too much; but don’t expect much of us in the mean time either.
If one of the new contributors jumps in this weekend - great - if not, enjoy the weekend and we’ll see you next week.
– Morgan
DESPITE signing up to more than $1.8 billion in reverse mortgages, most borrowers do not understand how their loans work, don’t know how the interested is calculated and think it is like a credit card.
According to a new survey, these elderly borrowers face considerable future risk, mainly because they don’t understand their contracts and the consequences of defaulting.
After receiving such a large amount of money they also spend a lot of it upfront, leaving little or nothing to live off. Many borrowers treat the loan like a credit card which they could draw on any time.
