The crisis in the housing market has meant big changes in the mortgage business... tougher lending regulations, more stringent LTV requirements, and reverse mortgages have slowed to a trickle.
It doesn't take a business degree to see that falling housing prices have meant there is less upside for banks that are selling reverse mortgages. They are still out there, but fewer banks are competing for your business. That doesn't mean reverse mortgages aren't right for retirees.
1 comments:
Honestly, I keep wondering why people are keep paying and buying properties, apart from warming feeling having a home.
Look, good property for 300, 000 could be rented for 1300-1500 a months or 18, 000 a year.
While buying it, you would pay the same money in interest + taxes + insurance + maintaining the house.
Is it really worth it?
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