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Reverse Mortgages Revisited
 
 
There is probably more misinformation in existence about Reverse Mortgages than any other mortgage product in history. Much of the misinformation has been founded on fact. Reverse mortgages have, in the past, been extremely expensive mortgage products.
 
Lately, many of the premier players in the Reverse Mortgage market have been leaving the business. In some instances, this exit was occasioned by poor performance of the collateral in resale, so that large financial losses were absorbed. In others, the recession in land values made fewer and fewer properties attractive for Reverse Mortgages, because the former plethora of equity in the real estate no longer existed.
 
In any event, there is now a leaner group of mortgage lenders in the Reverse Mortgage field, and the landscape has changed, so that many Reverse Mortgages can be originated with much the same costs as conventional mortgages. Furthermore, now that there seems to be some stability in real estate values, especially in Massachusetts, this may be the time to consider Reverse Mortgages, not only for the traditional uses which the products have served but for some innovative uses not heretofore utilized.
 
Traditionally, Reverse Mortgages were a “mortgage of last resort”. A ... more

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