The New York Times published a compelling ? but depressing ? piece Monday on the continued rise of scams related to reverse mortgages, as lenders locked out of the subprime business look for a new way to make money.
Reverse mortgages, which are backed by the federal government, allow homeowners who are at least 62 years old to take out a loan against the equity in their home. The homeowners don?t have to pay back the money until they no longer occupy the house.
It?s a good deal, and for some older people, reverse mortgages are a great way to tackle rising property taxes and other financial issues. But, ironically, the Times reports that some homeowners are now losing their homes as a result of the scam lenders. The new Consumer Financial Protection Board is rushing to enact new reverse mortgage rules.
I wrote about reverse mortgage scams a few years back, and the rules of thumb then suggested by consumer advocates? still apply:
- Be wary of lenders who solicit you or advertise on television. If you?re interested in a reverse mortgage, go to your bank or credit union.
- Don?t sign anything you don?t understand; reputable lenders don?t mind explaining things.
- Consider a home-equity loan instead, because the fees for home equity loans aren?t as severe as reverse mortgage closing costs.
Source: http://blog.timesunion.com/advocate/sounding-the-alarm-on-reverse-mortgage-scams/4288/
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