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If you or someone you care about is 62+, you’ll know it’s important to avoid sketchy financial offers targeting older adults. But what about reverse mortgages?
From time to time, media outlets point to scams or high-pressure tactics involving reverse mortgages. And it’s true that reverse mortgages are designed for senior homeowners.
But are these loans deceptive? Let’s take a look.
Continue reading “Reverse Mortgage Scams? What Seniors Need to Know.”
Know Before You Owe is a set of mortgage guides from the Consumer Financial Protection Bureau (CFPB). It shows home loan seekers the steps they need to take to open and handle a mortgage account. It provides detailed information on interest rates, and explains how to find comparable deals on loans, too.
This makes perfect sense. Home seekers should know what they’re signing up for. And who wants “gotcha” moments or sudden clarifications once it feels (or really is) too late to back out?
So, the mortgage lender legally must give the borrower an official set of closing disclosures at least three business days prior to closing day.
Why not check it out earlier?
Continue reading “Before Applying for Your Mortgage, Get Familiar With the Official Consumer Toolkit”