The New York Times has an important article on their front page regarding how subprime lenders are moving into the reverse mortgage market and pressuring younger and younger borrowers (minimum age 62) to take out home equity this way, which could incur major fees to the lender while the borrower simply doesn’t have the income to maintain the property, leading to foreclosure.
The law firm of Fink Rosner Ershow-Levenberg LLC is well versed in when a reverse mortgage is and is not a good idea. Read more here…