Mortgage Info

Be Wary of Reverse Mortgages

By Kenneth R. Harney

If you, your relatives, or friends are contemplating applying for a reverse mortgage in 2010, check out the new guidelines proposed earlier this month by the federal regulatory agencies for financial institutions.

Though aimed at banks and credit unions, the guidelines neatly sum up the potential snares and pitfalls for consumers in the fast-growing reverse mortgage field. Reverse mortgages typically are restricted to homeowners 62 and older who have untapped equity available in their real estate and want to turn it into cash.

Read the entire article.

Print Date: 9/20/2020
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