Tag Archives: Reverse Mortgages
Why You Shouldn’t Get a Reverse Mortgage Just Because Fred Thompson Tells You to
by Ashlee Kieler, Consumerist
Reverse mortgages have been found to leave families with debts they can never repay, four-in-five payday loans are made to consumers already caught in the debt trap, and on average 54% of students who attend a for-profit college leave without a degree — with one-in-five of those students defaulting on their loans. … Consumers Union, along with California Advocates for Nursing Home Reform provided comments to the Consumer Financial Protection Bureau regarding consumers’ use of reverse mortgages. Read More ›
Pitfalls of Reverse Mortgages May Pass to Borrower’s Heirs
by Jessica Silver-Greenberg, New York Times
Some lenders are moving to foreclose just weeks after the borrower dies, many families say. The complaints are echoed by borrowers across the country, according to a review of federal and state court lawsuits against reverse mortgage lenders. Read More ›