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Seniors watch a third more TV than other adults, and every time they turn on the set there’s a good chance they’ll see an ad for reverse mortgages. As healthy-looking retirees ride bikes or play golf, an older actor will explain that reverse mortgages can be a great way for retired homeowners to get some extra spending money. And it’s true: Reverse mortgages can be a valuable tool for retirees.
They’re also complicated, with risks that seniors may not expect. According to a new study by the Consumer Financial Protection Bureau, all those ads are adding to the confusion.
A reverse mortgage is a loan taken against the equity in your home. Unlike a home-equity line of credit, which can be yanked away by the bank, a reverse mortgage doesn’t need to be paid back until the homeowner dies or moves out...
They’re also complicated, with risks that seniors may not expect. According to a new study by the Consumer Financial Protection Bureau, all those ads are adding to the confusion.
A reverse mortgage is a loan taken against the equity in your home. Unlike a home-equity line of credit, which can be yanked away by the bank, a reverse mortgage doesn’t need to be paid back until the homeowner dies or moves out...
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