Review Mortgage Lenders

bad things about reverse mortgages

Reverse Mortgage Tips

Vera Gibbons spoke with Julie Chen about when is a good time for a reverse mortgage and what to look out for.

Yale Study Probes Reverse Mortgage Motivations, Racial Disparities

“She reasoned, later in the interview, that these other investments were appreciating faster than her home,” the researchers wrote. “By drawing on her home’s equity while living in it, she could ‘let her other financial investments stay and grow.’”

Needs-based borrowers included Tony, a widowed white homeowner who used a reverse mortgage to pay off his existing mortgage after the death of his wife. Even though he quickly spent the $55,000 he received from the loan on a vacation and monthly expenses, Tony told researchers that he was satisfied with his decision to take out a HECM.

“All I had to do was pay the insurance on the place, and the taxes, and that was it. You know, it was that simple,” he said. “It took a hell of a burden off your shoulders.”

But things weren’t so smooth for Beverly, a black homeowner who turned to a HECM after she was unable to sell her home — which she attributed to the “negative reputation” of her low-income neighborhood. She began to regret her decision after her health issues began to make living in a two-story house impractical.

Vanita Gupta and Senator Cortez Masto Urge Congress to Reject ...

WASHINGTON – Today, Vanita Gupta, president and CEO of The Leadership Conference on Civil and Human Rights, and Senator Catherine Cortez Masto, (D-Nev.), penned an opinion piece for PBS Newshour highlighting how S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act,” would undermine one of our nation’s key civil rights laws and weaken consumer protections enacted after the 2008 financial crisis.

“As former officials charged with enforcing consumer protection and civil rights laws, we know firsthand that his approach to law enforcement is deeply troubling, and that state attorneys general across the country will struggle to protect homebuyers and consumers that [CFPB Director] Mulvaney is creating for cheaters across the banking system.,” wrote Gupta and Cortez Masto.

“Now is not the time for Congress to make it harder for state attorneys general to fill the void in consumer protection and civil rights enforcement that President Trump is creating. If S. 2155 is enacted, regulators, law enforcement, and advocacy groups across the country will lose critical information they need to stop discrimination — before it turns into another crisis that devastates Nevada, our communities and the national economy,” they concluded.

what are the bad things about reverse mortgage ? what makes it a bad choice?

It's really going to depend on your situation. What are your goals, and when do you wish to accomplish them.