Reverse Mortgages: The Next Subprime? Part 1

An opinion column in Salon magazine describes the consideration currently being given by Congress to the reverse mortgage industry, and the concerns raised because of some in the industry being accused of ripping off a significant part of the home equity accumulated by senior citizens over the years by combining a granting of a reverse mortgage with the contemporaneous purchase of deferred annuities [Editor's Note: Another technique used by some scam artists is to combine a reverse mortgage with the making of required home improvements, where the loan salesperson and the home repair contractor are in cohoots]. For the article, see The next subprime: Reverse mortgages.

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