Reverse Mortgages can be Hazardous to your Equity

The National Consumer Law Center has come out with a report detailing the risks of reverse mortgages for senior homeowners.  Because of high fees, interest rates and other issues, I generally do not recommend reverse mortgages, although for some they may be the only feasible way to access cash.

Reverse Mortgage Limit Increased to $625,000

The American Recovery and Reinvestment Act of 2009 increased the allowable amount of federally insured reverse mortgages to $625,000, up from $417,000.  The increase is effective for the remainder of the year.