I saw this article from Reuters about reverse mortgages.
http://money.cnn.com/2009/06/08/real_estate/reverse_mortgages.reut/index.htm?postversion=2009060813
You know, the commercials on TV for reverse mortgages have always scarred me. I always thought it was a Robert Wagner thing. According to the article, it seems that regulators have had issues with the practices of many reverse mortgage lenders.
I think this probably stems from the fact that not very many people understand how the reverse mortgage works. Also, the fact no bank gives anything away for free.
In these tough economic times you hate to think that lenders are preying on older people. Hopefully, the recommendations in the article are taken seriously. And abusers will be dealt with harshly.
Let me know what you think:
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