No Bailout Needed

Notice something interesting about the latest foreclosure bailout plan from Washington? There’s no help for reverse mortgage borrowers.

The logic here is fairly simple: Reverse mortgage borrowers don’t have exploding ARMs, toxic loan terms, soaring monthly payments or prepayment penalties.

That’s a sweet arrangement compared with some of the “nontraditional” loan products now driving people into foreclosure and bankruptcy.

The idea is not that reverse mortgages are somehow perfect or right for everyone, but rather that in selected cases there are legitimate and valued uses for such loans.

This entry was posted on Monday, December 10th, 2007 at 5:07 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.