By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Finance > Why Reverse Mortgages May Not Be Right For You Despite Recent Offers — Even If You Need Funds In Retirement
Finance

Why Reverse Mortgages May Not Be Right For You Despite Recent Offers — Even If You Need Funds In Retirement

News Room
Last updated: 2023/09/02 at 7:10 PM
By News Room
Share
2 Min Read
SHARE

Retired Americans are being bombarded with offers for reverse mortgages. These loans allow homeowners to borrow against the value of their homes.

Some reverse mortgage solicitations are aggressive and may even pop up in snailmail. They should be considered as a last resort — and only after consulting with a trusted advisor not connected with a mortgage company.

Reverse mortgages have particular appeal for retirees who need extra cash. According to the Consumer Financial Protection Bureau (CFPB), “Many older adults value homeownership, with nearly 80% owning their home, and nine out of ten wanting to remain in their homes for as long as possible. Home equity is often an older adult’s largest asset, and one that has grown in recent years as home prices soared across the United States.”

Here’s what the CFPB found in a recent study of reverse mortgage advertising:

  • Reverse mortgage direct mail advertising volume increased significantly in 2021 and 2022 compared to the prior five years.
  • Direct mail advertising largely went to low- and middle-income households.
  • Most direct mail advertising went to consumers living in the South and West regions where reverse mortgage lending is concentrated and where a somewhat higher share of older homeowners report difficulty making ends meet and difficulty making mortgage payments.
  • The findings suggest that reverse mortgage advertising during pandemic, when home prices surged and interest rates fell, focused on many older homeowners with high equity, lower incomes, and in regions where homeowners have somewhat less ability to stay current on their housing payments.

As a general safeguard, avoid junk mail, text or email offers on reverse mortgages. Since your heirs or survivors may have to pay off the loan upon your death to keep the house, there’s a big negative factor involved. If you need a reverse mortgage, have a lawyer review the loan and make sure you fully understand the terms.

Read the full article here

News Room September 2, 2023 September 2, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Republicans present plans to gut US support for clean energy

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Proxy adviser ISS backs Elliott in fight against Phillips 66

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Saudi Arabia launches AI venture Humain ahead of Donald Trump visit

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Perplexity nears second fundraising in six months at $14bn valuation

Stay informed with free updatesSimply sign up to the Artificial intelligence myFT…

Wall Street stocks soar on US-China tariff reprieve

Stay informed with free updatesSimply sign up to the US equities myFT…

- Advertisement -
Ad imageAd image

You Might Also Like

Finance

4 Ways To Avoid Fake Shipping Fee Swindles

By News Room
Finance

Dell Supports Endeavor Miami’s Quest To Empower Black Founders

By News Room
Finance

The World’s 10 Most Expensive Cities To Live

By News Room
Finance

Biden Sends Student Loan Forgiveness Emails To 800,000 Borrowers

By News Room
Finance

New Student Loan Forgiveness Application For Those With Medical Issues

By News Room
Finance

Who Really Owns Nursing Homes, And How The Feds Are About To Learn More

By News Room
Finance

Gone Are America’s Cushiest Federal Prisons

By News Room
Finance

Can You Still Get Insurance After A Cancer Diagnosis?

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?