Reverse mortgages lure users — and abusers
The more something gets used, the more it gets abused.
While reverse mortgages, which emerged less than 20 years ago, rise in popularity, predators pounce on unwitting prey prodded by need or greed to take advantage of the equity in their home.
A reverse mortgage sounds so simple. If you’re 62 years or older, you may qualify.
The process also sounds fairly simple. Find a company that offers reverse mortgages, get your home appraised — only the home you live in can be used for a reverse mortgage — and they’ll let you know how much money you can borrow.
You can take it in a lump sum, monthly payments, or as a line of credit. The loan doesn’t have to be repaid until you sell the house or no longer live in it, either through relocation to another address or your death.
Post from: Reverse Mortgage Loan Blog
