Seniors Ask themselves Should I do a Reverse Mortgage?

Seniors are really asking themselves.. should I tap out? Am I wrong to consider a reverse mortgage?

This is a common questions amongst the elderly...a thought that is traditionally against all of their upbringing..but a real issue today that may have some merit. There are many sources for seniors to read about this to determine if it makes sense for them. For instance, http://www.reverse.org/ or AARP writes about it http://www.aarp.org/money/revmort/

or even, the government through the Federal Trade Commission offers advice to Seniors at http://www.ftc.gov/bcp/conline/pubs/homes/rms.htm.

Seniors should cautiously tread these waters as I am sure there are many scams that prey on their niavete. We have no advice on this subject nor are we being paid to voice any opinion either way. The only purpose of this particular blog is to http://www.KeepSeniorsHealthy.com and when we discuss keeping Seniors healthy.. we look at them from the perspective of keeping them healthy financially, emotionally, and physically.

Another unrelated issue but worthy of mentioning is that "cash out mortgages" soared to the highest level in 16 years in the second quarter of 2006 according to http://www.freddiemac.com/ . Nearly 90 % of Freddie Mac Loans were refinanced with amounts at least 5 % higher than the original mortgage.