Henry Winkler is just the most recent celebrity spokesperson to pitch
reverse mortgages on TV. What exactly is reverse mortgage anyway? Is
it really a good idea, or more of a scam? This page from the U.S.
Department of Housing and Urban Development provides a breakdown of the
basics:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmhome
See
the "General HECM Frequently Asked Questions" for a clear explanation
about how a reverse mortgage differs from a traditional home equity
loan. And yes, for some people they can be a very good idea. (Aaaaay,
Fonzie wouldn't lie, right? Exactamundo.)
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