Consumer advocates worry that HECM borrowers don’t really know enough about the loan, or how the loan works, when they sign on the loan. Reverse mortgages work differently and are much more complicated than forward mortgages – the typical type of mortgages that the people use when they purchase a home. The discrepancy between naïve [...]
Archive for August 2015
Many seniors who investigate the options available to them for downsizing find that they have some hard decisions to make. They may have a substantial amount of equity in their current home and must then decide whether they should take out a loan and prepare to pay mortgage payments on their reduced retirement income or [...]
Imagine that you’ve been blessed with a wonderful family, good friends and a supportive community. Your children are off on their own and they’re not interested in living in your house when you no longer need or want to live there. You might want to leave it to the kids so that they can sell [...]
Reverse mortgages are marketed to senior homeowners. These advertisements can be found on many major media channels including print, television, radio and internet. Oftentimes the advertisements feature celebrity spokespeople who describe these Reverse Mortgage loans in glowing terms.
The Consumer Financial Protection Bureau (CFPB) recently issued a report, based on their review of such advertisements. They [...]