Archive for June, 2008
Reverse Mortgages Promise Seniors Cash, Advisers Urge Caution
Reverse Mortgages Promise Seniors Cash, Advisers Urge Caution, Maurice Shapiro, a retiree from Miami Beach, Florida, is taking a cruise to Alaska this summer, a trip he says he never would have made without his reverse mortgage. “I’ll be 81 in two weeks and life doesn’t go on forever,” he said. “I got a reverse [...]
Some say reverse mortgages are the way to go
Some say reverse mortgages are the way to go, Delaware Online, 2008 Plan may be solution for older borrowers whose assets are dwindling, but experts say beware. Jane DelSordo has been so happy with her reverse mortgage from WSFS Bank that she agreed to appear in the bank’s newspaper ads. The 73-year-old, who paid cash [...]
From Kiplinger’s Personal Finance magazine, 2008
From Kiplinger’s Personal Finance magazine, Kiplinger, 2008 When you shop for a reverse mortgage, lenders must give you the total annual loan cost (TALC), the equivalent of an annual percentage rate. But this doesn’t reflect how your pattern of withdrawals will affect your total cost or the equity when the loan ends. AARP has developed [...]