Q&A on Reverse Mortgages
With the graying of baby boomers, a surge is expected in reverse mortgages. Such mortgages allow homeowners to take a loan out against the equity in their homes. But consumer advocates want Congress to move faster to protect older people from unscrupulous lenders. And Florida Attorney General Bill McCollum issued a warning last month, saying 'deceptive practices and allegations of high-pressure sales tactics are being more frequently encountered.' For anyone considering a reverse mortgage, there is a lot to think about. WUSF's Susan Giles Wantuck spoke with 'Savvy Senior' columnist and 'Today Show' contributor Jim Miller about it.
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