Letter: Be wary of reverse mortgages

Posted by News Feeds

November 7, 2007

Letter: Be wary of reverse mortgages,

If the government is willing to insure and ensure any reverse mortgage loan with a financial mortgage lender will be paid off so that elderly, needy folks can remain in their homes, why do we need a third party in on the deal? Specifically, reverse mortgage firms that are not the financial backers. Those firms send you their pretty brochures and tempt you with what you can do with all that equity you can receive in your house - take a trip, buy that car you’ve always wanted , and no questions asked.

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