It is hard to get through an hour of commercial television without seeing a celebrity promote reverse mortgages as means to a better life for seniors. Far from life enhancing, these loans destroy wealth, providing gullible victims with modest cash amounts as vastly more home equity is taken. Borrowers either pay off the loan at usurious rates or end up forfeiting their home for a fraction of its value.
You will know why you should not use a reverse mortgage to fill a budget gap, or to pay off existing loans, or to make home repairs, or for any purpose whatsoever. You will see how reverse mortgages worsen your situation and discover better ways to move forward.
Only available to people at least 62 years of age, often retired with no new means of income; for the victim a reverse mortgage will have served as the final rip-off.
Don’t let it happen to you or anyone you know.