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 a lot of older Americans
greater financial security to supplement
social security, meet unexpected medical
expenses, make home improvements and
more.
If you are interested in
a reverse mortgage,
beware of scam artists
that charge thousands of dollars for
information that is free from HUD!
Also, be cautious if
anyone tries to sell you something like
an annuity, and suggests that a Reverse
Mortgage would be an easy way to pay for
it. If you
don’t fully understand what they’re
selling or you’re not sure you need what
they’re selling, be even more skeptical.
No matter why you decide
to take a Reverse Mortgage, you
generally have at least three business
days after signing the loan document to
cancel it for any reason without
penalty. Remember that you must
cancel in writing. The lender must
return any money you have paid so far
for the financing.
For more information,
please review
The Attorney General Warns Consumers to
Get the Facts Before Considering "A
Reverse Mortgage" (pdf).
To report fraud or abuse
in the Reverse Mortgage program, contact
the Division of Mortgage Lending at
http://www.mld.nv.gov/.
For more information on
Reverse Mortgages, visit the following:
Source:
http://www.hud.gov/buying/rvrsmort.cfm
and
http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea13.shtm
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