On Wednesday, a Senate Special Committee on Aging began reviewing the growing reverse mortgage industry, and the practices of lenders who sell reverse mortgages.
Reverse mortgages have come under scrutiny as their popularity grows. From 2005 to 2006, the number of reverse mortgages increased nearly 76% from 48,493 to 85,639. Experts say this number could likely continue to rise as Americans look for new ways to finance longer life expectancy after retirement and increases in costs such as healthcare. While reverse mortgages are designed to help people 62 and older receive money from the equity in their home, some say the program preys on unsuspecting seniors and could lead to financial problems.
{ 0 comments }
