Do You Really Understand Reverse Mortgages? 2 Guides Aim to Educate
A lot of people don’t understand the ins and outs of reverse mortgages—including people who take them out—according to a report we talked about last week from the Consumer Financial Protection Bureau. But now, two groups have put together guides to try to change that: the bureau itself and the National Reverse Mortgage Lenders Association.
The New York Times blog Bucks reports:
The bureau’s four-page brochure strikes a cautionary tone, urging consumers not to sign any loan documents until they clearly understand how the mortgage works, and advising that there may be preferable alternatives, like refinancing an existing, traditional mortgage.
The association’s online “road map” walks potential borrowers through the steps involved in getting a reverse mortgage.
The post includes links to the guides. Tomorrow, we’ll talk about some alternatives to reverse mortgages.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.