Dangers of Reverse Mortgages
There are dangers lurking in every corner even with mortgages. Do you know the dangers of reverse mortgages? There are frauds and scams that you need to be aware of so you do not lose your money. There are many reputable firms; but there are those that are fraudulent. These are usually fake sites that lure people in and charge huge amounts. Senior citizens can become a target because they are vulnerable. Information is free from HUD. These companies ask for 6-10 percent for names of lenders and filling applications. Do not sign a contract under duress from an agent.
A recent report by ASIC who interviewed 29 borrowers found that they did not understand how a reverse mortgage worked. They did know how long it would take to pay off the loan. There was no long term planning. They did not realize that this type of loan was only paid when the client died or moved into a long-term housing. This mortgage leaves borrowers with little money and unable to move into a long-term facility. On top of that, their family’s inheritance significantly dwindles. The lenders were not forthright about risks and talked the borrower into a higher amount.
Remember to get quotes from more than one lender. Look around, gather information from different sources, and compare them. This can help protect you and your estate. There are many frauds by phone, so be careful not to give out information. Keep your eyes open and beware of one of the biggest risks, foreclosure. You could find yourself in real danger and sleeping on the street! This is where buyer beware comes in. Make sure you read the fine print! Many of these documents are just adapted contracts. You could be in default for outstanding debts or uninsured property.
It is important to understand the dangers of reverse mortgages. If you have elderly family or friends make sure they know the facts and are not taken advantage of in a time of weakness. Make sure they look around, source out more than one lender, and compare the information. If not they could be left trying to re-pay an enormous debt. Lenders have to be fair too. They need to re-vamp their contracts to reflect changes. Older individuals need respect and should not have to take things on trust, especially if there is no trust there to begin with.
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NHB, banks urged to implement reverse mortgage scheme - Daily News & Analysis
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The Truth About Reverse Mortgage Refinancing Revealed By Florida . - SBWire (press release)
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Grandma's Shocking Wisdom (The Motley Fool) Those wise words you ignored are finally catching up with you... | ||
DEBT ADVISER - Columbia Daily Tribune
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Should Uncle Sam Seize Mortgage Securities? - Forbes
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Reverse mortgages getting more popular - Seattle Times
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Local companies close books on tough year (Seattle Post-Intelligencer) The year that could be dubbed Terrible 2008 crushed share prices on national indexes and at Washington state's largest publicly traded companies, with only three companies in the Harris Washington 100 showing a gain in their stock prices... | ||
LICHFs reverse mortgage likely soon - NDTV.com
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Reverse Mortgages: Pro's and Con's - HULIQ
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LICHFs reverse mortgage soon; awaits nod on insurance tie-up (Express India) State-run home finance company LIC Housing Finance is awaiting the National Housing Bank's tie-up with insurance companies before launching its reverse mortgage scheme for senior citizens... | ||
Senior Home Buyers Allowed To Use Reverse Mortgage - Hartford Courant
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No escaping the crunch for arts, entertainment in 2009 (Times of Malta) The world of entertainment, especially film, tends to benefit when times are tough, as people seek to escape worries about their job, mortgage, childrens education or heating bills... | ||
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Legal professionals group to meet Jan. 21 (Woodbridge Sentinel) The chapter of the Middlesex Legal Professional Association will hold its next meeting, featuring Pamela M. Heggie, closing manager of the Reverse Mortgage Center LLC, 5:30-7:30 p.m. Jan. 21 at the Hampton Inn, 270 Route 9 north, Woodbridge... | ||
JC Flowers and others close to IndyMac deal: source (Reuters via Yahoo! News) A consortium of private equity and hedge fund firms, including J.C. Flowers & Co, is close to a deal to buy the assets of failed mortgage lender IndyMac, a source familiar with the matter said on Sunday... | ||
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And the interest is deductible - Minneapolis Star Tribune
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Reverse Mortgage Rates EUR December, 30 2008 The 10-year Constant Maturity Treasury fell another 4 bp today to 2.10% -- another record low. We're in territory where the Principal Limit is maxed out, and the SFSA and tenure conversion factors are the only things moving with rates... | ||
LIC Housing to launch reverse mortgage after insurance tie-up (Business Standard India) Home finance company, LIC Housing Finance (LICHF), is awaiting the National Housing Bank's tie-up with insurance companies before launching its reverse mortgage scheme for senior citizens... | ||
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How Can Reverse Mortgage Lenders Be Successful Marketing To . DMNews recently published a new article from journalist Mary Elizabeth Hurn that explores how financial services companies are marketing to worried retirees... | ||
A New Home For IndyMac (Forbes) Federal regulators are close to a deal to sell assets of the collapsed mortgage lender to a group of private investment firms... | ||
Jeremy Warner: Whither bombed-out equity markets? (Independent) Outlook Not since the dotcom meltdown has there been a year of such carnage in the stock market. In most respects, the current bear market is much worse. The speed of it resembles more of a crash than a prolonged correction. Its other distinguishing feature is that it has hit mainstream companies with equally devastating effect EUR not just overvalued technology, telecoms and media stocks, as ... | ||
IndyMac Sale Hits Snag Due To Defaulted Loans Sold To Fannie Mae Housing Wire journalist Teri Buhl writes that the sale of IndyMac to the private equity consortium known as HoldCo has run into problems due to repurchase requests fro... | ||
North State Marketplace: Dec. 30, 2008 - Record-Searchlight
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