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Reverse Mortgage News for Seniors

Clear, Brief Explanation of Reverse Mortgage from Consumer Financial Protection Bureau

Consumer protection group in Federal Deposit Insurance Group offers help to seniors on reverse mortgage decision

June 13, 2013 - A barrage of advertising and contemporary discussion keeps the topic of reverse mortgages a frequent one among senior citizens and their children. One of the government agencies most active in the monitoring of these special home loans for seniors in recent years has been the Consumer Financial Protection Bureau. The CFPB has published a brief explaining the reverse mortgage and has added plenty of warnings - things seniors need to know.

Below is a reproduction of that CFPB brochure, which can also be downloaded at http://promotions.usa.gov/cfpbpubs.html#mortgages

Prepared from materials published by the Consumer Financial Protection Bureau of the Federal Deposit Insurance Corporation 6-13-2013

Considering a

Reverse Mortgage?

Proceed with caution

Don’t sign the loan documents unless you understand

   1.  how a reverse mortgage works.

   2. Know your options — you may have a better choice.

   3. Have a serious talk with a counselor before you make

any decisions.

What is a Reverse Mortgage?

It is a loan

How Does a Reverse Mortgage Work?

After years of paying off your mortgage, you have built up value in your home in the form of equity. With a reverse mortgage, you borrow against your equity.

The loan balance grows over time. You don’t have to pay the loan while you live in the home.

When you move out, sell your home, or die, your loan must be paid off. Usually the loan is paid off when the home is sold.

 

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