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Setting the Record Straight on Reverse Mortgage Vulnerability
Labeling the Federal Housing Administration’s Home Equity Conversion Mortgage (a.k.a. reverse mortgage) program “dubious” with respect to the potential impact foreclosures can have on seniors, this Washington Post article commends the Trump Administration to its moves to curb the practice. As the article points out, “More than 18 percent of reverse-mortgage loans taken out from 2009 to June 2016 are expected to go into default, causing seniors to lose the benefits of an “aging in place” strategy they had planned on. Read the article here…
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