Mortgages for seniors?

Mortgages for seniors?,

Retirement is not what is used to be as many Baby Boomers are discovering with little to no savings or pensions. Gone are the days where a person could quit a day job and relax in the comforts of a favorite hobby, travel or just plain take a nap. Today, people are working way past retirement age just to make ends meet because what was assumed to be waiting for them in Social Security and other benefits is not there.

Government cut-backs and the lack of preparation from reliance on traditional pension funds has forced changes from the safe stream of guaranteed annuities to self-managed 401ks. Retiree health-care programs are often eliminated. This common scenario leaves people desperate and is where mortgage schemes are capitalizing. While some are just plain fraudulent, others offer relief but — of course — at a cost. One of which is called a reverse mortgage.

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Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on September 14th, 2007 with comments disabled.
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