RETIREES AND REVERSE MORTGAGES

Hi Folks,

We’ve sure been hearing a lot about reverse mortgages lately. Reverse mortgages have been around for quite a while but they haven’t been pushed near as much as now. Many retirees have lost so much in this recession that they are looking everywhere for help, and a reverse mortgage offers that help. So that is a good indication that someone is making lots of money off other people’s pain and has opened another door for wolves in sheep clothing to “come to the rescue”. 

I am not taking a stand on reverse mortgages. I’m not that knowledgeable. I’m sure many of the reverse mortgage providers are honest, straightforward business people – although I’m not as confident since learning how unscrupulous many of these mortgage companies were in putting people in homes they couldn’t afford.  I have been poking around though, looking for the best sources of trustworthy information about reverse mortgages. It seems that many of the available helps have their own agenda (why am I not surprised?), so be very careful. The very people that helped get us in this mess are the ones we are turning to for help. That is a lot like asking the man who stole your food for a meal.

I am only going to recommend two sources of reliable information about reverse mortgages: HUD and AARP:

Here is HUD’s (http://www.hud.gov/buying/rvrsmort.cfm) overview on reverse mortages: 

“Reverse mortgages are becoming popular in America. Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.”

“If you are interested in a reverse mortgage, beware of scam artists that charge thousands of dollars for information that is free from HUD!”

“To report fraud or abuse in the reverse mortgage program, contact your local homeownership center.”

Here is the link to begin reading what AARP has to say about reverse mortgages.

http://www.aarp.org/money/personal/reverse_mortgages/ It will take you a long time to read all the good information they give you.

Both HUD and AARP have a ton of information about reverse mortgages. I see no reason to go anywhere else.

Happy retirement,
Woody

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