New reverse mortgage options available for homeowners

Source: Kenneth R. Harney, Washington Post (Paid Registration)

You’ve probably seen actor Tom Selleck suavely pitching federally insured reverse mortgages on television and thought, hmm, that sounds interesting. He says you can turn your home equity into cash and not pay back anything—no principal, no interest, no fees—for years after your retirement.

Some form of a reverse mortgage could be a good choice for you, but it might not be the government-backed type Selleck is hawking. Those loans have hit tough times, and growing numbers of lenders have begun offering alternatives.

Read Full Article: New reverse mortgage options available for homeowners

 

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