“This is just the next piece of candy for baby boomers. What has amazed me is how slow they [lenders] are to foreclose. They don’t move quickly, but when they do, it’s messy.”
The Dark Side of Reverse Mortgages: Are You Better Off Without One?
In the last few months, I’ve written some positive columns about reverse mortgages. I promised to follow up with their downsides. That’s how I found myself at the Senior Source in Dallas, listening to staffers in the Elder Financial Safety Center.
Senior Source knows about all the bad things that can happen to retirees. The organization is the first line of defense for people in Dallas who might otherwise become victims of financial fraud, high-pressure sales and any of the other things that separate older people from their savings.
But let’s start with the basics. The idea of reverse mortgages has been around for more than half a century. It started when researchers saw that the largest pool of savings most Americans had was the equity in their homes. It still is.