Do your homework before getting a reverse mortgage
While thousands of people are losing their homes to foreclosure, others are using their homes as a last resort, borrowing against the equity in their home - without making payments on the loan.
Fewer people are getting reverse mortgages now because of the drop in home values, but many people who qualify (you must be at least 62) are sitting on a pile of equity.
Lewis and Barbara Arnold have seen the glamorized marketing of reverse mortgages.
“If you see the commercials, the commercials are (about) houses that are probably $500,000 or $600,000 houses, the people are dressed really nice - they got their gray hair all slicked down and they got nice are all that,” said Lewis Arnold.
But the Arnolds are just looking to pay off more than $65,000 in medical bills.
Post from: Reverse Mortgage Loan Blog
