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Reverse Mortgages – Avoid If At All Possible

I am not a fan of reverse mortgages, and I rarely if ever suggest them as a resource to seniors. I feel strongly that this should be used only as a last resort.

The lending industry sees reverse mortgages as a bright spot in an otherwise dismal market. It taps a segment of net worth that so often never gets touched. Recently the Federal Housing Administration increased the national ceiling on the equity seniors could withdraw to $625,000. Thus, even in today’s hard-hit housing environment, seniors in higher-priced homes are now eligible and are very attractive customers to lenders. Read More