Reverse Mortgages Coming Under Media Fire for Actions by Some Lenders

March 04th, 2008 | Category: Reverse Mortgage Info

Reverse Mortgages, designed to help older society use the equity in their homes to finance their retirement, have enjoyed mostly praise in these first few years of the program designed by the government and featuring a government guarantee. Now, however, senior citizens and financial experts are beginning to see serious problems - at least with how some lenders are handling the loans.

The biggest bomb may have been dropped on Sunday by the New York Times with an spread entitled, “Tapping into Homes Can be Pitfall for the Elderly.”

Charles Duhigg, writing for the Times, says, “As the United States has become an older nation, reverse mortgages have grown into a $20-billion-a-year industry, with elderly homeowners taking out more than

132,000 such loans in 2007, an increase of more than 270 percent from two years earlier. In surveys, many borrowers say reverse mortgages have improved their lives and provided money they needed for retirement.

Post from: Reverse Mortgage Loan Blog

Reverse Mortgages Coming Under Media Fire for Actions by Some Lenders

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