U.S. News & World Report - The government is moving to head off a growing problem with its reverse mortgage program. Large numbers of elderly borrowers--perhaps thousands--face possible evictions from their homes because they've stopped making property tax and home insurance payments. While homeowners with reverse mortgages are freed from mortgage payments after taking out the loans, they remain liable for property tax, home insurance, and maintenance expenses. Failure to make these payments can trigger foreclosure and possible eviction.
More...
More...