Reverse mortgages have seen steady growth in recent years as boomers move out of their earning years. In order to get extra cash, some retirees get a reverse mortgage -- one that pays you instead of requiring monthly payments from you.
Complaints have grown right along with the growth in new reverse mortgages. As a somewhat new product, a lot of people don't know the common pitfalls. The fees are no joke, and some salespeople pitch reverse mortgages as a means to fee up cash for other (expensive) investments.
See the Investment News for a story on the growth of reverse mortgages in recent years, along with a typical story of woe.
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