The news in all the papers and across the television is nothing but bad. The mortgage industry is in one of the biggest crises – what does it mean for our future?
In the case of reverse mortgages, they are still a viable option for some seniors that own their home, yet find themselves running short of cash each month.
According to the Senior Journal, the very nature of reverse mortgages doesn’t put them in the same category as traditional mortgages. Because you are getting the equity that has already been built up in your home, the new rules in the mortgage industry don’t apply in the same ways. If you have a larger, high valued home, you may be limited to the amount of reverse mortgage you can take. But in most cases, it still may be a solution for you. Check with your mortgage representative for more information.