What is the history of reverse mortgages? Year? Guided by legislation or policy?
By
Michael H
Posted on
05/20/07 Total Answers
2
Answers-
its a scam. well not really. but its quite interesting how it works. assuming your house is worth 240k at the moment. and you set it to like 1000 a month. maybe you can get like 20 years of 1000 monthly payment to you. banks flip it on the other side and loan that 240k out at higher rate of interest. i bet theres going to be alot of these in the next few years. banks create phantom credit like never before thus federal reserve limit is out the window.
