The Real Estate Wonk: If you're considering a reverse mortgage ... - Baltimore homes, apartments, real estate: Buying, selling, renting and housing news from reporter Jamie Smith Hopkins

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March 2, 2008

If you're considering a reverse mortgage ...

... then be sure to check out Eileen Ambrose's column today. She explains how they work, notes that they could be a lifeline for seniors having trouble with mortgage payments -- and offers this reality check:

The bottom line: proceed with caution.
If you're facing foreclosure and think a reverse mortgage could be the solution, contact a government-approved housing counselor. A counselor can determine whether you're eligible for a reverse mortgage, explain the details and costs, and walk you through your options.

Posted by Jamie Smith Hopkins at 2:16 PM | Permalink | Comments (1)

Comments

This can be an option for some but should be considered and researched before making this decision. Many elderly take it to assist with house insurance and tax payments not realizing that someday they may need to go to a nursing care facility and will not have money for the facility and have to go to a medicaid facility which may not be your first choice.

It can be a great option and alternative when you plan to stay in your home.

Posted by: Luxury Real Estate In Florida | March 3, 2008 7:49 AM

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About Jamie Smith Hopkins

Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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