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Real Estate & Property Law

: The Home Equity Theft Reporter

Defaults On Reverse Mortgages Spike As Elderly Fail to Keep Up With Property Tax, Insurance Payments

By r morris

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The Orlando Sentinel reports:Thousands of older homeowners in Florida who tapped the equity in their paid-off homes to boost their income now face the possibility of foreclosure as the number of defaults on such "reverse mortgages" skyrockets.More than 30,000 U.S. homeowners are in "technical default" on their reverse mortgages and could lose their homes because they have failed to pay their

Full post as published by The Home Equity Theft Reporter on February 04, 2011 (boomark / email).

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