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Why you should NOT consider reverse mortgages

on Sun, 12/29/2013 - 12:18
Due to the shortfall of retirement needs, long term care needs and the sudden evaporated of retirees' retirement assets (which lots retirees switched to extreme conservative investment options after the 2008 market meltdown, gives them no chance to recoup their losses), I have heard more and more seniors are considering reverse mortgages.
Definition: also referred to as a Home Equity Conversion Loan, reverse mortgage is a financial instrument that allows seniors to access the equity in their home without income or credit qualifications.