Pitfalls of reverse mortgages may pass to borrower’s heirs

 

Source: Jessica Silver-Greenberg - The N.Y. Times ( Paid Registration )

Throughout an aging America, the children of elderly borrowers are learning that their parents’ reverse mortgages are now threatening their own inheritances. Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes that need not be paid back until they move out or die, have long posed pitfalls for older borrowers.

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