Problems with Reverse Mortgages

December 8th, 2010
in Background

Consumers Union warns of risk, pitfalls and victimized seniors in a report out December 7.  A quote from P R Newswire:   "Reverse mortgages are a very risky deal for borrowers who don't understand the complicated terms of the loan and how quickly fees and interest charges can add up," said Norma Garcia, senior staff attorney for Consumers Union, the nonprofit publisher of Consumer Reports.  "Reverse mortgages should only be a last resort for seniors who want to stay in their homes and have no other alternatives to supplement their income."  Full report........

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