Update from the Foreclosure-Based Economy 0
All joking aside, this may be one good side effect of the bust. Every silver lining has a cloud and all that.
I’ve always had a gut feeling that “reverse mortgages” were more predatory than propitious.
(snip)
Reverse mortgages allow retirees to create a lifetime stream of income by tapping the equity in their homes. Lenders are repaid from the sale of the home when the borrower dies or moves. Bank of America Corp., the second-largest U.S. home lender, said in February it was retreating from the business because of “competing demands and priorities” at the Charlotte, North Carolina-based company.
