We were going to write a post summing up the breaking news on reverse mortgage foreclosures, but Ron Lieber of the New York times beat us to it and knocked it out of the park. Our humble blog could take a crack at it, but we’d prefer to give Ron the credit he’s due for the great piece and just send you his way.
If you or a loved one have or are considering a reverse mortgage this post is a must read.
To sum Ron up:
If you’re a couple with plans to take out a reverse mortgage — and it really ought to be a last resort, only for those who can’t make ends meet any other way — both of you ought to be on the reverse mortgage so you don’t end up in this predicament.
The predicament he’s talking about? Being foreclosed upon when your spouse who is the sole name on the reverse mortgage dies and the loan becomes due in full regardless of the value of the home. Read his post to find out just how HUD changes make this an all too common and sad scenario.
2010 was kinda a bizarre year for the mortgage market. In the first half of the year, you had a decent number of home sales keeping mortgages for purchases stable, thanks to the home buyer credit. In the second half of the year, that changed as demand crumbled when the credit was withdrawn. At the same time, you had very low mortgage interest rates throughout much of the year cause a mini-refinancing boom. 2011 will look very different, as the housing demand continues to struggle and mortgage interest rates have begun rising.
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