Posted on Tuesday, December 21, 2010

The Consumers Union and other advocacy groups have issued a report that has sparked debate about whether reverse mortgages are too risky for house-rich, cash-poor seniors. The controversy arrives just as the new Consumer Financial Protection Bureau (CFPB) is starting to look at the loans, which ca...

Borrowers as Prey, Again

Posted on Monday, December 20, 2010

The Federal Reserve has been rightly criticized for not protecting borrowers — and the economy — in the years before the financial crisis. Under the law, it had the power and the obligation to curb bad lending. It was warned, by Fed insiders and by consumer advocates, of lender recklessness. It s...

Chnages to Be Aware of

Posted on Monday, October 4, 2010

Changes on Reverse Mortgages Will Alter Fee Structure By TARA SIEGEL BERNARD NYT Reverse mortgages, which allow homeowners who are at least 62 years old to tap their home equity without making any mortgage payments, are typically used by borrowers who want to remain in their homes but need the m...

Some New Info

Posted on Monday, April 19, 2010

The number of new reverse mortgages is 22% less than last year. Perhaps one reason is that these loans rely on the equity a homeowner has in his home (HECM stands for Home Equity Conversion Mortgage) and we all know how much equity has disappeared. In fact HUD recently cut the amount of equity that...

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