Sam in Reverse

The Federal Reserve has been rightly criticized for not protecting borrowers — and the economy — in the years before the financial crisis. Under the law, it had the power and the obligation to curb bad lending. It was warned, by Fed insiders and by consumer advocates, of lender recklessness. It still failed to act. Read more at the NY Times http://www.nytimes.com/2010/12/20/opinion/20mon2.html

If you’ve been snubbing a reverse mortgage, or counseling your elderly parents against it, take another look. These notoriously expensive loans are now on sale for less. You’re right to be careful about the loans. If mis-sold, they can leave you poor — and the press tells plenty of tales about mistakes. On the other hand, the right loan at the right time can lift you out of a pinched life of living on Social Security and measly certificates of deposit. Read more http://moneywatch.bnet.com/investing/blog/make-money/4-reasons-why-you-should-give-reverse-mortgages-another-look/719/?tag=content;col1

Despite concerns from consumer advocates about the suitability of reverse mortgages, results from a new poll show that almost 75 percent of reverse mortgage borrowers described their experience as a positive one. http://reversemortgagedaily.com/2010/12/09/seniors-pleased-with-reverse-mortgage-experience-says-poll/