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Wednesday, November 19, 2014

Seniors should be wary of Reverse Mortages

A home in Bell Canyon is seriously upside down - the loan is nearly four times the home's value.  

How did this happen?  It was EASY with a "reverse mortage".  Enticing seniors 62 or older, often needing extra cash for medical bills, lenders charge excessive fees and then foreclose as soon as the taxes are delinquent or the owner dies. 

In California, one out of 10 reverse mortages are in default. The loans, which are federally insured, are a drain on the taxpayer budget.  Lenders who have engaged in misleading advertising, are the subject of recent reform legislation.

Please read before you consider a reverse mortgage:

Nona Green of Agoura Horse Property is a Senior Real Estate Specialist (SRES) designee by the California Bureau of Real Estate.

Posted at 10:33:33 PM
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