Reverse Mortgages: Proceed With Caution
Reverse mortgages help many older Americans tap into home equity to pay for living expenses or healthcare needs. But as they've become more popular, they've attracted more scrutiny and more fine print. And, with home prices plummeting and federal loan rules still evolving, some seniors have lost their homes or found themselves forced into default and foreclosure. Kojo explores the pros and cons of reverse mortgages, and how to avoid the financial pitfalls that may come with them.