Released: August 10, 2008

Help for seniors with reverse mortgages

Source: Michelle Singletary, Washington Post (Free Registration)

There’s a lot to digest in the Housing and Economic Recovery Act of 2008.

I’ve addressed a few provisions of the new law already, and over the next several weeks I’ll continue to comment on various sections of the act.

This time I want to point out a provision intended to help seniors by reining in fees and fraud associated with reverse mortgages.

Reverse mortgages were largely created for seniors who are cash-poor and house-rich - meaning they have a lot of equity in their homes but little or no savings.

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