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Re-activateNo big surprise here, given the economic strain that many retired (not to mention non-retired) households are under these days, but reverse mortgage originations were up in 2008, according to new industry and government reports.
While these loans, also called home equity conversion mortgages or HECMs, do give people age 62 and over a way to draw on their equity while still living in their homes, they aren't to be entered into lightly, as our Consumer Reports Money Adviser newsletter explained recently. In case you or someone you know are thinking about one, here's our report on reverse mortgage expenses and other traps. — Greg Daugherty
Greg writes the "Retirement Guy" column each month in the Consumer Reports Money Adviser newsletter.
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