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Retirement/Boomers -- Use Caution on Reverse Mortgages |
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Written by By compilation
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Sunday, 02 March 2008 |
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Retirement/Boomers -- By Charles Duhigg in the New York Times -- "Tapping Into Homes Can Be Pitfall for the Elderly" Duhigg sites an example of not using caution in creating a Reverse Mortgage. While the Reverse Mortgage is by and large a good concept for many elderly, the industry, like many others, gets itself infested with bad producers. Even to the point of predatory practices. This article should help illustrate the need for mandated state counseling programs, which allow the prospect to receive accurate information regarding Reverse Mortgages, before entering into one. It further indicates the need for "Line of Credit" Reverse Mortgage lending, wherein only money needed for certain immediate matters is used. The precautions track with the articles I have written early on in this web site under the name "A Retirement Blueprint." Look back in the Retirement/Boomers section to locate them. (Read)
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