reverse mortgages: Reverse Mortgage Scams, What They Are and How to Avoid Them - 01/31/12 03:02 PM
What is a reverse mortgage? A reverse mortgage is a government-insured home loan that lets homeowners turn some of the equity from their home into cash. The difference between a reverse mortgage and a standard home equity loan is that reverse mortgage consumers must be age 62 or older, must own the home outright (or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan), and must live in the home.
Chances are if you qualify for a reverse mortgage then you have been approached by reverse mortgage scams. According to the … (0 comments)
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reverse mortgages: What's New With Reverse Mortgages? - 10/15/10 11:55 AM
If you are over 62, you may have considered getting a reverse mortgage, but are you sure you have all of the facts?
Reverse mortgages allow seniors to tap into their home equity and not pay anything back until they either sell the house or are no longer living in it as a full-time resident.
To tap the equity, of course, you must have it to begin with, and that is a major problem these days for seniors living in areas where home values have plummeted in the last three to five years.
In August, the Federal Reserve Board proposed enhanced … (0 comments)
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reverse mortgages: Need For Money Causes Family Members To Decide Whether To Get A Reverse Mortgage - 05/05/10 02:25 PM
Need for money causes family members to decide whether to get a reverse mortgage. When money is tight, senior citizens frequently look to the equity in their home for a solution. One way to tap into that equity is for a senior citizen to obtain a reverse mortgage. Reverse mortgages allow a person to obtain a monthly payment for the rest of the time they live in the home or allows them to take out a lump sum payment at one time. Before you consider a reverse mortgage, make sure you understand what it will cost to obtain the loan. Even if you … (2 comments)
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reverse mortgages: Reverse Mortgages Need More Regulation, The Comptroller of the Currency Says - 06/08/09 05:42 PM
Comptroller Dugan Urges More Consumer Protections for Reverse Mortgages ORLANDO — Comptroller of the Currency John C. Dugan warned today that reverse mortgages pose significant compliance risks and said regulators should get out in front of this issue, before real problems develop, so that these loans are made “in a way that is prudent for both lenders and borrowers.”
“While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages – and that should set off alarm bells,” Comptroller Dugan said. The experience with subprime mortgages “clearly demonstrates the link … (0 comments)
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