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Published: March 2011
Recent changes in reverse mortgages impact older homeowners
Consumers have more choice in reverse mortgages, but these loans are generally more expensive and more complicated, finds a new study by the AARP Public Policy Institute.
The AARP Public Policy Institute has issued a new report on the state of the reverse mortgage marketplace. Click here to read the report. The report was written by Don Redfoot.
Reverse mortgages offer older homeowners a way to tap home equity to meet financial needs in retirement. However, the collapse of the mortgage market in 2008–2009 led to changes that significantly impact consumers. While consumers have more product choices, reverse mortgages are generally more expensive and more complicated. New laws seek to protect homeowners who use these loans.
AARP's Public Policy Institute informs and stimulates public debate on the issues we face as we age. Through research, analysis and dialogue with the nation's leading experts, the Public Policy Institute promotes development of sound, creative policies to address better policies around economic security, health care, and quality of life.
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