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 

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