older homeowers

Reverse Mortgages Are Proliferating, but It’s Wise to Proceed with Caution

Posted on 10/15/2012 by |Money and Work | Comments

Bulletin Today | Money & SavingsReverse mortgages are growing in popularity as older adults tap their home equity to help them maintain their standard of living in retirement. But these loans come with potentially serious risks and AARP has been working for years to educate older homeowners on reverse mortgages, so they don’t get into trouble. The New York Times reported Monday about some of the more extreme problems that people can face after taking on a reverse mortgage, including foreclosure. The cases involved seniors whose …