Reverse mortgages may backfire on seniors who are not fully informed.

This is the new finding by the National Consumer Law Foundation.

Real estate experts are fearful many of the same brokers who sold subprime loans may be targeting seniors to buy reverse mortgages. 

The mortgages are often  complicated and difficult to understand. In the confusion, some seniors may be under the false impression that  their homes may be able to provide lifetime incomes. 

These mortgages could be a good ideas for some seniors under certain circumstances, but the  Consumer Law Foundation is afraid they will not work for many seniors.

This is another reason why we need to become aware of  our aging  parents'  financial dealings.  It is very important that they never sign any agreement which they do not fully understand. 

Read The Next Big Real Estate Boondoggle

Reverse Mortgages May Be Next Subprime, Center Says 

Popularity: 1% [?]

• Go Ahead and Get Rid of Your Aging Parents' Bathtub  My Mom recently told me she misses being able to bathe in the bathtub.It is now very difficult, if not impossible, for her to get in and out of the bathtub.  The tub is simply too deep and slippery for her to maneuver safely.  So the alternative is showering.  Many......
• How to Find the Best, Most Trustworthy Caregivers You're worried sick because you can't find a good caregiver for your aging parent.You want to keep your parent home and out of a nursing home as long as possible but your parent needs 24 hour  care and you've got a job and  a family.  To make matters worse,  you live out of state.You've......
• Two Elderly Patients Attacked by Mice in Nursing Home Two elderly nursing home patients have been attacked by mice. This is deplorable and it's what happens when bureaucrats control how our elderly live. I'm not minimizing mice problems.  I'll be honest with you and admit I'm a landlady and real estate investor.  I've dealt with this problem more times......
• Future Toyotas May Help Senior Drivers Stay Alert  Toyota is working on a car that will  help senior drivers stay alert.Since Japan has one of the world's oldest populations, keeping aging drivers independent and alert is considered to be a very important goal."We are pooling our wisdom to develop a system that would enable (the elderly) to become more......
• Reverse Mortgages Giving Older Homeowners Their Homes Back  There's a new twist to reverse mortgages.They're being used more and more by senior citizens for escaping  high-interest loans in order to keep their homes.Reverse mortgages are payments made to the borrower rather than the borrower making payments to the bank.  That sounds good on the surface but such mortgages can......

• Resisting Panic: A Quick Guide to Surviving The Credit Crunch A few years ago if you referenced the term "credit crunch", most people would be puzzled. Today barely a single day can pass without the phrase seeing consistent if not constant use in the newspapers and on television. The credit crunch is a crisis that is affecting numerous financial institutions......
• Homeowner Mortgage Rescue Plan: Unanswered Questions Lots of people are upset about the $75 billion that President ("watch me sink the markets") Obama wants to  transfer from responsible homeowners and taxpayers to "at-risk" homeowners. I haven't yet solidified all of my feelings about it, but they are mostly negative.  My thoughts range from "what did you......
• How to Get Out of Trouble in the Real Estate Market If you invested in the real estate market recently and are now regretting that decision, there are a few ways that you can get out of financial trouble. For awhile, the real estate market was very solid and property values were going up. Many experts advised investing heavily in real......
• Wrap Mortgage ( a.k.a. Wrap-Around Mortgage): What is it? [/caption] Greetings from Washington D.C. (actually...not anymore...but when I wrote this...that's where  I was...as if you cared).  Still my favorite metropolis (other than Cedar Crest, NM...of course). Anyway.... With all that is happening with our economy, specifically, lenders not lending.  Creative financing (owner financing) is showing up a lot more. ......
• Home Improvement Grants for Home Improvement Help If you are seeking out home improvement help, then one of the best things that you can do, at least on the financial side of things, is to get the home improvement help that you need by way of home improvement grants. If you are looking to sell your home......