Reverse mortgages are loans that people age 62 or older can take out against their home’s equity. Backed by the Federal Housing Administration, the loan doesn’t have to be paid back until the borrower either moves out or dies.
Reverse mortgages: Safer, but far from risk-free
Yet, many borrowers have run into problems because they took their payment as a lump sum and spent the cash too freely. They didn’t have enough cash to paytheir property taxes, insurance and homeowner’s association bills and were forced to default.
Read about this at CNN Money on February 7, 2014
William Wombacher, your Central Illinois Certified Elder Law Attorney (CELA) and Social Security Disability Specialist. I’ll help you! www.wombacherlaw.com
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