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| I GOT THIS LATTER Its such a obuious rip off how can people be stupid enufe to send in money to thess scammers |
| mortgages QUESTION: My sister is considering a reverse mortgage, and I’m concerned about potential dangers. Can you help? ANSWER: Hotline consulted online resources of the U.S. Department of Housing and Urban Development (www.hud.gov ) and the American Association of Retired Persons (www.aarp.org). A “reverse” mortgage is a loan against your home that you don’t pay back until you die, sell your home, or permanently move out of your house. The cash may be paid as a lump sum, a monthly payment, a line of credit, or a combination of these. Applicants must own their homes and be 62 or older. With a reverse mortgage, your debt usually increases over time while your home equity decreases — the opposite of a traditional mortgage. Some seniors choose reverse mortgages to “spend down” their home equity. The AARP suggests that seniors ask the following questions before considering a reverse mortgage: • Do you really need a reverse mortgage? You should make sure it accomplishes what you want. • Can you afford a reverse mortgage? The upfront costs can be high. And the younger you are when you take out the loan, the more you’ll owe. • Can you afford to start using up your home equity now? You might need your equity for some other purpose in the future, such as medical expenses or emergencies. • Do you have less costly options? • Do you fully understand how these loans work? For more information, visit www.aarp.org/money/personal/reverse_mortgages/ or call the AARP Foundation (888-OUR-AARP) to request a copy of the handbook “Reverse Mortgage Loans: Borrowing Against Your Home.” |
