Family Finances: Now is not the time to apply for a reverse mortgage
Pittsburgh Post-Gazette, February 9th, 2006
We recently were handed a solicitation obtained via a TV commercial. It
suggests calling an "AARP counselor to obtain a certificate for a reverse
mortgage."
We wondered whether this offer -- very attractive during a relatively slow
housing market -- was legit.
A reverse mortgage is a loan or credit line secured by your home. To qualify,
you typically must be at least 62-years-old. But you never have to repay the
balance unless you move, sell the home or die.
"Government backed program provides money for Senior Citizen homeowners," the
solicitation enticed. The gentleman's credentials, according to the business
card -- printed "free" at "www.vistaprint.com" -- are a "senior advisor."
"There's no such thing as an AARP counselor," Ken Scholen, director of the
AARP Foundation's reverse mortgage education project, assures us.
Read more of this article. Learn more about Reverse Mortgages.