10/14/2012 – A Risky Lifeline for the Elderly Is Costing Some Their Homes

Oct 17, 2012 No Comments by

The very loans that are supposed to help seniors stay in their homes are in many cases pushing them out.

Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes and not pay it back until they move out or die, have long been fraught with problems. But federal and state regulators are documenting new instances of abuse as smaller mortgage brokers, including former subprime lenders, flood the market after the recent exit of big banks and as defaults on the loans hit record rates.

Read the full article at The New York Times.

financial security articles, Longevity News 2012

About the author

The author didnt add any Information to his profile yet
No Responses to “10/14/2012 – A Risky Lifeline for the Elderly Is Costing Some Their Homes”

Leave a Reply