Are you in the market for a reverse mortgage to tap into your home’s equity for some much-needed cash? Don’t believe everything you read or hear about these loans.

The U.S. Government Accountability Office uncovered a number of misleading reverse-mortgage claims in a study in June. The GAO is an independent, nonpartisan agency that conducts investigative work for Congress. Read more about reverse mortgages…

The Department of Housing and Urban Development has left elderly borrowers vulnerable to abusive lending practices because of shortcomings in programs that offer reverse mortgages, according to a report released yesterday by the Government Accountability Office.

Reverse mortgages, which are usually backed by HUD’s Federal Housing Administration, enable seniors to withdraw equity from their homes. The loan and the accumulated interest do not have to be paid back until the owner dies or sells the home. But the upfront costs are substantial.

While these loans have become more attractive to seniors as the economy has soured and housing values have dropped, reverse mortgages are complex. Read more about reverse mortgages…

There’s a lot of talk about reverse mortgages these days, and Thursday morning Missouri U.S. Senator Claire McCaskill expressed concern about how they are being advertised and sold to seniors.

Senator McCaskill is set to chair a hearing on reverse mortgages Monday, June 29th at 9 a.m. Not in Washington, but rather locally, at the OCHS Senior Center at 975 Pennsylvania Avenue in University City.

When we talked with McCaskill Thursday morning she told us some seniors are becoming victims.

Reverse mortgages are often marketed to seniors as a way to live off the equity built up in their homes.
Read more about reverse mortgages…

Join the MFI-Miami Yahoo Group…