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Reverse Mortgage Risks Remain After Program Changes

Saturday, March 9, 2013 - 7:16 AM
You might hear about big changes coming to reverse mortgages, as the federal government will soon ban the most popular form of this loan. The government says this will make reverse mortgages safer. But the changes don't fully address the biggest criticism of these loans: Many homeowners are taking large up-front payments (typically to pay off their existing mortgage) that leave them with little remaining income to meet their retirement expenses.

Indeed, older Americans and their families still have reasons to be wary of reverse mortgages.

Reverse mortgage risks remain after program changes | Interest.com
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