Reverse mortgages
I may be addressing a subject that
has been discussed previously. Has anyone had personal experience with
getting and using a reverse mortgage? I'd like to hear the advantages,
downside, was it difficult or easy to obtain etc. This is not for me
but for my sister's 90 year old mother-in-law who is afraid of getting a
reverse mortgage, but needs the money.
Reverse mortgages are becoming popular in America. Reverse mortgages are a
special type of home loan that lets a homeowner convert the equity in
his/her home into cash. They can give older Americans greater financial
security to supplement social security, meet unexpected medical expenses,
make home improvements, and more.
You can receive free information from the Department of Housing and Urban
Development (HUD) about Reverse Mortgages by calling 1-888-466-3487,
toll-free. If you are interested in a reverse mortgage, beware of scam
artists that charge thousands of dollars for information that is free from
ElderCare Online and HUD. To report fraud or abuse in the reverse mortgage
program, call HUD toll-free 1-888-466-3487. HUD funds housing counseling
agencies throughout the country who can give you advice on buying, renting,
defaults and foreclosures, and reverse mortgages. Just contact the housing
counseling center closest to you or call toll-free 1-800-569-4287.