Your legal rights: The real deal on reverse mortgages [Minnesota]
With the cost of everything going up - from living expenses to health care to utilities - many senior citizens find themselves financially squeezed like never before. And with the baby boomers growing older, there are a lot more senior citizens than ever before.
Seeing these trends, some companies are marketing the “reverse mortgage” as a way for seniors to convert some of the equity in their home to cash to pay other bills. Reverse mortgages are now a $20 billion industry.
For some seniors, a reverse mortgage may be a suitable loan, but for others it is not. If you are considering a reverse mortgage, be sure to find out the “pros” and the “cons.” Carefully evaluate whether a reverse mortgage is suitable, given your needs and circumstances, and consider whether there are other alternatives that may be more suitable for you. Steer clear of predatory lenders and scam artists who may want to steer you into a high-cost loan or sell you a reverse mortgage in order to get at your money.
Post from: Reverse Mortgage Loan Blog
Your legal rights: The real deal on reverse mortgages [Minnesota]
