Mortgages

Don't fall victim to the reverse mortgage con

Don't fall victim to the reverse mortgage con

Recently the Trump administration proposed changes to H.U.D.’s reverse mortgage program: raising premiums, tightening loan limits and making foreclosure easier. These changes merely worsen a horrific product through which elderly victims are already being conned out of their home equity for a fraction of its value.

Reverse mortgages are contracts through which people 62 years and older can receive cash advances from an account secured by their home. Closing costs and all fees and interest are simply added to the loan balance, so the whole process can feel painless. But the financial harm is real and devastating.

For short-term money needs, reverse mortgages are more...

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