Reverse mortgages represent an alluring proposition for seniors, but as a retirement income option, there are plenty of pitfalls to the arrangement.
By Alex Veiga|August 09, 2012 at 08:20 AM
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LOS ANGELES (AP) — Reverse mortgages represent an alluring proposition for seniors: Stay in your own home while the bank pays you either a lump sum or a stream of payments to help supplement your retirement income.
For some, that arrangement can help bring peace of mind. Others will scoff at the hefty fees and restrictions involved. And in many cases, alternative options, such as using one’s home as collateral for a loan from a family member, might be a better fit.
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