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Exploring a reverse mortgage
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EXPLORING A REVERSE MORTGAGE
Consider options: A traditional mortgage, home equity loan or line of credit might prove best.
Consider costs: Weigh high upfront costs in reverse mortgages. One expense is "non-recourse" insurance, so if you collect more in payments than your house is worth, your heirs don't pay that balance.
Beware of sales gimmicks: Be especially wary of a broker trying to sell other financial products, such as insurance policies, at the same time.
Beware of scare tactics: Seniors have complained that brokers call them relentlessly, or use fear of financial uncertainties if they don't buy the mortgage.
Get legitimate help: The law requires all seniors to have an informational counseling session before buying a reverse mortgage. For a list of counselors near you, go to www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm or call 1-800-569-4287.
Slow down: If you're hesitant for any reason, take the time to get help from an independent adviser.
Source: Minnesota attorney general's office
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Wisconsin kicks our butt
Yee gads! We already know that Wisconsin has superior angel tax credits than Minnesota (and by superior, I mean it actually HAS them) but this is getting ridiculous. It would be perfectly understandable if the Badger State wanted to sit on its laurels and count the Minnesota startups fleeing to Madison or Hudson. Instead, as Minnesota [...]
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