Falling Income by Seniors Driving More Towards Reverse Mortgages
Posted Friday, June 12th, 2009Reverse mortgages can be a blessing or a pit depending on your situation. As the markets have cratered wiping out senior’s savings, these mortgages are selling fast –but you should approach them with caution.
Today’s Wall Street Journal has probably one of the best articles I have seen about reverse mortgages. Besides the news that reverse mortgage applications are rising as senior incomes fall, the article gives an excellent overview of how these mortgages work and the various pros and cons.
Here is the link: http://online.wsj.com/article/SB124459828244500783.html
