Reverse mortgages suck!
Monday, November 26th, 2007At last an article which pans reverse mortgages. I’ve never been a fan of these instruments which are really another form of credit card debt but with a supposedly safe pay off at the end.
They are a brokers favourite with the usual trailing commissions compounding along. It’s another sub prime fiasco waiting to kick in as people realise their wealth has been eaten up and they now have nothing.
There are other ways of raising cash which include trading down or borrowing from family members with the property as security.
Avoid these schemes like the plague.
