This is according to experts on debt. They are saying that it won't be long before the reverse mortgages will follow the path of the subprime loans. Reverse mortgages are different from conventional loans, In the reverse mortgages,the borrower makes no payments.
The principal and compounding interest are recovered when the borrower dies or sells their home. Reverse mortgages are increasingly being sold to seniors. Some groups say that these loans are targeting vulnerable customers.
If you were to get a reverse loan to buy a car, it could take 25 years to pay that loan off.
Showing posts with label REVERSE MORTGAGES BANNED EXPERTS DEBT SUBPRIME LOANS PAYMENTS CONVENTIONAL BORROWER PRINCIPAL COMPOUNDING INTEREST RECOVERED SENIORS VULNERABLE TECHNORATI ADSENSE BLOGGER. Show all posts
Showing posts with label REVERSE MORTGAGES BANNED EXPERTS DEBT SUBPRIME LOANS PAYMENTS CONVENTIONAL BORROWER PRINCIPAL COMPOUNDING INTEREST RECOVERED SENIORS VULNERABLE TECHNORATI ADSENSE BLOGGER. Show all posts
Tuesday, November 27, 2007
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