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Can I lose my house in a reverse mortgage?
Reverse mortgages, also known as a Home Equity Conversion Mortgage or HECM are a tool more and more people in retirement are considering for a variety of reasons. In fact, reverse mortgages have increased over 20% since 2013.
 
The sandwich generation, defined by Wikipedia as: “a generation of people who care for their aging parents while supporting their own children”, are looking for new ways to leverage financial resources without becoming a burden on the people they are caring for. You may find yourself both a baby boomer and part of this sandwich generation looking to provide for the generation older and younger than yourself.
 
As you enter or approach this time, you may want to consider reverse mortgages as an option. In the past, reverse mortgages have gotten a bad rap, mostly due to the prevailing fraud in the early 2000’s and before. And sadly, since the product is geared for homeowners age 62 and up, it was seniors who were taken advantage of in those darker financial days. Fortunately, the FHA stepped in and has imposed strict regulations on reverse mortgages to make them safer for seniors than ever before.
 
As with any financial product, including mortgages, ethics of the advisor is of utmost ... more

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