Using a reverse mortgage to buy a vacation home in the Cayman Islands sounds like one of the worst uses for the federally overseen program meant to help older homeowners either fund their retirement or at least stay in their homes by no longer having a mortgage bill.
Concerned over potentially misleading advertising and sales presentations for reverse mortgages, the FHA is clarifying the rules of the program to ensure that borrowers are given accurate information about these loans.
What happens to your mortgage if you should pass away before it's paid off? While it's not a pleasant thing to contemplate, it is something you should plan for if you want the property or its equity to pass to your heirs trouble-free.
Reverse mortgages are taking America by storm.Here are answers to the top six questions about the lending instrument that can help seniors weather the storms of financial woe by tapping into their home equity.