A three-year examination of reverse mortgage complaints to the Consumer Financial protection bureau shows that borrowers often didn’t understand the terms of those loans, including how quickly th eir.
Reverse mortgages have gained a reputation as being dangerous tools that can cost someone their property or that can be used to scam unsuspecting seniors. The truth of the matter is that some of these.
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It is bad enough that the intrinsic fees and costs in the process are borderline unconscionable, in my honest opinion, but the low balling before the determination of the final percentage the reverse mortgage will provide is in my honest opinion borderline criminal.
If you’re looking for an introduction to reverse mortgage loans, start here. This page will help seniors, those helping a senior, and others new to the subject, as it defines the reverse mortgage product, how it works, the costs associated with the loan, and questions to help determine suitability.
It’s not rare that you’ll find some people who believe a reverse mortgage is a rip-off, however for many individuals it can be a very lucrative loan. Having reliable monthly income is not a rip-off if that’s what you need to maintain financial independence, so there’s really no need to view reverse mortgages that way.
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I do not believe that it is a ripoff but you should understand all the cost implications before you take one out. Typically the homeowner pays all the fees associated with setting up a reverse mortgage and the interest rates charged may be higher.
While not exactly a scam, homeowners should beware taking out a reverse mortgage to delay taking Social Security benefits. Some reverse mortgage brokers and lenders advise elderly homeowners that they should get a reverse mortgage to make up the gap in income while delaying Social Security benefits until they’re older.
Also, since reverse mortgage interests increase as years go by, the total loan amount owed at the end is always greater than the extra income added to social security. Leaving Out Spouses: This scam convinces senior citizens to name the oldest spouse as the sole borrower of the loan.