By SHERYL NANCE-NASH, The Fiscal Times
September 10, 2012
Elderly homeowners signing up for “reverse” mortgages might be latest victims of the housing crisis.
A reverse mortgage allows homeowners 62 and older who own their homes outright or who have low mortgage balances to get cash by borrowing against the equity in their home. The mortgage comes due when the borrower dies, moves or sells the home – often shifting the responsibility to family members or heirs.
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“Reverse mortgages have increased over the past five years. Many retirees, having experienced massive retirement income loss, due to the current state of the economy, have resulted to reverse mortgages as a financial refuge,” says J. Varney Barker, author of New Rules of Home Ownership for the 21st Century.
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