JEFFERSON CITY, Mo. AP - U.S. Sen. Claire McCaskill cited a report Tuesday suggesting reverse mortgages can be risky for seniors as evidence that greater federal regulations are needed for the growing industry.Reverse mortgages allow people age 62 and older to convert their home equity into cash. The loans typically come due when the borrower dies, sells the home or has not lived in it for a year.
October 07, 2009 at 12:00 AM
1 minute read
JEFFERSON CITY, Mo. AP – U.S. Sen. Claire McCaskill cited a report Tuesday suggesting reverse mortgages can be risky for seniors as evidence that greater federal regulations are needed for the growing industry.
Reverse mortgages allow people age 62 and older to convert their home equity into cash. The loans typically come due when the borrower dies, sells the home or has not lived in it for a year.
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