Wednesday, November 6, 2013

CHANGES IN REVERSE MORTGAGES

This took effect in October: many believe although the purpose was to prevent defaults on seniors not paying property taxes, the HECMs (Home Equity Conversion Mortgage) are now costlier, smaller and complicated. Here are some articles that discuss these issues:

http://www.reuters.com/article/2013/09/10/column-miller-mortgages-idUSL2N0H615C20130910

http://www.dailyherald.com/article/20131102/entlife/711029967/

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