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Released: September 13, 2011
Reverse mortgages don’t always work
Source: Christine Dugas, USA Today
Trusted celebrity pitchmen such as Henry Winkler, Robert Wagner and James Garner do a good job telling older homeowners about the benefits of a reverse mortgage. Here's what they don't tell seniors: Reverse mortgages are expensive, complicated and always changing. The government-insured program, which is available to homeowners who are 62 and older, has helped many seniors tap their home equity for living expense. But it's not a lifeline for everyone. It hasn't prevented seniors from defaulting on their taxes and homeowners insurance and possibly losing their homes to foreclosure. Delinquency has grown in recent years. Adding to the confusion: During the economic downturn, some providers have left the business, while a new type of reverse mortgage has emerged.Read Full Article: Reverse mortgages don’t always work
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