How to Avoid Getting Burned by a Reverse Mortgage

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How to Avoid Getting Burned by a Reverse Mortgage – This is a place for the community to provide tips and advice on How to Avoid Getting Burned by a Reverse Mortgage. This topic was created by Carsten Gru 00f 8hn and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Tip 1 - 5 Reasons to Avoid a Reverse Mortgage

Published: 9 years, 5 month(s) ago | Submitted by Hardy Madsen | permalink

Watch out for these drawbacks of using a reverse mortgage to fund retirement.
Tags: retire, 401(k),retirement, planning, saving,FMF,LTMoney,mortgages, invest, investing,investing

For further reading: http://money.usnews.com/money/blogs/on-retirement/2012/12/11/5-reasons-to-avoid-a-reverse-mortgage ^[1]

Tip 2 - How Recent Changes in Reverse Mortgages Impact Older Homeowners - AARP

Published: 9 years, 5 month(s) ago | Submitted by Elvio Meandri | permalink

The housing crisis has affected the costs and types of reverse mortgages, which some older homeowners use to cover expenses. An AARP Public Policy Institute Fact Sheet by Donald L. Redfoot.
Tags: reverse mortgage, mortgage, loan, mortgages

For further reading: http://www.aarp.org/money/credit-loans-debt/info-02-2011/fs211-reverse-mortgage.html ^[2]

Tip 3 - Reverse Mortgages: The Rewards and Risks - Next Avenue

Published: 9 years, 5 month(s) ago | Submitted by wen loh | permalink

A reverse mortgage can boost your retirement income and let you stay in your home, but you need to know the drawbacks before taking one.

For further reading: http://www.nextavenue.org/reverse-mortgages-rewards-and-risks/ ^[3]

Tip 4 - Reverse Mortgages: Big Changes Ahead - Next Avenue

Published: 9 years, 5 month(s) ago | Submitted by Yon Nosigra | permalink

The government will soon slap on restrictions while protecting borrowers. Here’s what’s ahead for reverse mortgages and how to shop for one.

For further reading: http://www.nextavenue.org/reverse-mortgages-big-changes-ahead/ ^[4]

Tip 5 - Know Your Mortgage: Reverse Mortgages

Published: 9 years, 5 month(s) ago | Submitted by Jackie Gentle | permalink

Reverse Mortgages are shrouded in confusion and misunderstanding. How does it work? Why is it reversed? What's a mortgage? You should really know the answer to that last question, but i'll help answer everything else in this week's Know Your Mortgage: Reverse Mortgages.

For further reading: http://www.quickenloans.com/blog/mortgage-reverse-mortgages ^[5]

Tip 6 - Complexities of reverse mortgages snag homeowners

Published: 9 years, 5 month(s) ago | Submitted by Jennie Stewart | permalink

Well into their senior years, Kenny and Fran Goodnow were struggling to pay their mortgage in 2007 when a salesman offered what seemed like a wonderful solution.
Tags: News,Business,Real Estate,breaking-news,top-business,top-news,news-nav,hillsborough,pinellas

For further reading: http://www.tampabay.com/news/business/realestate/homeowners-caught-in-the-complexities-of-reverse-mortgages/2182178 ^[6]