Check the fine print when getting a reverse mortgage

Check the fine print when getting a reverse mortgage,

About a third of the people Buz Zeman counsels about reverse mortgages decide they’re the best deal they’ve ever seen. Another third think they’re the worst.

The rest tend to think a reverse mortgage might be a good option, but only after they’ve used up other resources, he said.

“It’s a very individual decision,” said Zeman, director of Housing Options Provided for the Elderly, one of four agencies in the St. Louis area that the Department of Housing and Urban Development lists as qualified to provide counseling for those considering a reverse mortgage.

Zeman says counseling is key because the mortgages can be complicated and, in some cases, costly. Unfortunately, a dearth of qualified counselors has prompted some lenders to refer clients to counselors accessible only by phone or online.

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Post from: Reverse Mortgage Loan Blog

Check the fine print when getting a reverse mortgage

Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on February 1st, 2008 with comments disabled.
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