Accordingly, it is critical that potential borrowers of reverse mortgages
get adequate information and, preferably, counseling.
Lawmakers, consumer and interest group representatives talked about the issue during a hearing on reverse mortgages
organized by the Senate Special Committee on Aging.
Be aware that scam artists charge thousands of dollars for information about reverse mortgages
In addition to potentially higher costs, reverse mortgages
also decrease a homeowner's equity, which can limit their options if they need to sell their home after taking out the loan.
Conventional wisdom on reverse mortgages
or HECMs is that they are irresponsible, expensive or a last resort, and has made them unattractive to many retirees and their advisors.
Some possessors of reverse mortgages
are sometimes still eligible for the mortgage-interest deduction on the borrower's taxes.
Some consumers found it difficult to understand from the ads that reverse mortgages
are loans with fees and compounding interest; that the loans need to be repaid.
THE ABA HAS ENDORSED, through its Corporation for American Banking subsidiary, Reverse Mortgage
Funding LLC's reverse mortgage
program including its full offering of FHA-insured Home Equity Conversion Mortgage (HECM) products.
Most, but not all, reverse mortgages
are federally insured and are backed by the U.
There have been changes to reverse mortgages
US Mortgage Corporation has said that Bryan Fitzpatrick has joined the company to expand its Reverse Mortgage
15 July 2014 - US-based Reverse Mortgage
Investment Trust Inc (RMIT) has taken over local Reverse Mortgage
Funding LLC, or RMF, the latter said without providing financial details.