Marketing of Reverse Mortgages Lacks Adequate Consumer Protections, GAO Warns
A new study by the Government Accountability Office (GAO) raises concerns about the adequacy of consumer protections . . ....
Read moreThe combination of low interest rates and surging house values is expected to nearly double applications for reverse mortgage loans this year, according to a recent article in the Washington Post (Sept. 7).
A reverse mortgage is a loan that transforms the equity in a home into liquid cash that does not have to be paid back as long as the owner lives there. The loans are available only to those 62 and older.
A borrower can never owe more than a home''s value at the time the loan is repaid, which is why reverse mortgages are looking particularly attractive these days, says Peter Bell, president of the National Reverse Mortgage Lenders Association.
"The current conditions, of robust home values and low interest rates, enable borrowers to get a larger reverse mortgage than ever, which can translate into a bigger monthly check or larger line of credit," Bell told the Post. "But should conditions change for the worse, seniors who have taken out a reverse mortgage will be protected and not see any reduction in their benefits from the reverse mortgage."
The Washington Post article may be available at the following link: http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&contentId=A46583-2002Sep6¬Found=true
To learn more about reverse mortgages, click here.
Local Elder Law Attorneys in Ashburn, VA
Susan Pollack served as Chairperson of the Falls Church Senior Citizens Commission from 1997 to 2011 and was on the Executive Board of the Falls Church Education Foundation. She has also served on the Board of Directors of the Alzheimer’s Association of the National Capital Area and is a member of the Arlington B...
Daniel N. Steven is an attorney licensed in Maryland and the District of Columbia. with many years of experience in complex estate planning and Elder Law. He is rated by Martindale-Hubbell as an AV Preeminent 5.0 out of 5 rated attorney.
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
A new study by the Government Accountability Office (GAO) raises concerns about the adequacy of consumer protections . . ....
Read moreBanks have been touting the advantages of "reverse" mortgages, but there is another alternative . . .
Read moreReverse mortgages can be a big help to seniors needing extra cash, but they can become a nightmare for their heirs.
Read moreA new study has found alarming rates of undetected elder abuse, neglect and exploitation . . .
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