Senator McCaskill On Reverse Mortgages
Senator McCaskill discusses whether or not lenders have the best interest of seniors in mind.
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Senator McCaskill waxes eloquent on reverse mortgages.
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first how did that lady in MO. get a reverse mortgage and not finish the roof. what kind of reverse mortgage did she get? LUMP SUM, LOC, or MONTHLY TENURE? also how did it eat up her equity. there is usually equity in the home for 15-20 years according to the Amortization.
Second isn’t any risk covered by the insurance that FHA asks for? isn’t that the whole purpose of MIP. the cost is usually high and a 1.25% is also charged. what is this about the tax payers having to cover any overage?