A reverse mortgage is a loan against the value of the home that is repaid when the borrower dies or sells the home. I just read that the number of federally insured reverse mortgages issued to senior citizens in the past three years has exceeded 325,000.
Consumer advocates caution that reverse mortgages should be used as a last resort especially due the high fees involved and the fact that the number of fraud cases is increasing. What a shame that after spending a lifetime living in a home, raising your family and grandchildren, that such a measure like a reverse mortgage must be taken.
Remember when Mom and Dad passed away there was always a little something left for the children. Now the children don't want the old folks around and look to put them in a home. Homes for the elderly however can cost well over $75,000 a year even for a no frills home. What other choices do the elderly have other than a reverse mortgage. According to AARP a home equity line of credit or even moving to a smaller apartment or house could be the solution.
No matter what your situation if your thinking of using a reverse mortgage you should get some counsiling from an organization such as AARP and think twice before taking action
Tom Brooks Foreclosure Prevention Expert
Ask me how you can stay in your home
Tuesday, October 27, 2009
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