OPINION: With home prices declining and rents rising in most cities, retirees may feel stuck in their homes, unable to downsize but also unable to afford to go anywhere else.
With home prices declining and rents rising in most cities, retirees may feel stuck in their homes, unable to downsize but also unable to afford to go anywhere else.
Federal regulations require credit counseling before you can borrow, in which a loan expert explains the complicated terms. You still should be proactive about knowing your rights and keeping up on any investigations into bad actors in the industry, so you should check in with the Consumer Financial Protection Bureau.
There are drawbacks. One is high fees. Closing costs are higher than with a home equity line of credit or a cash-out refinance, plus there are ongoing charges while you keep the loan active. Your interest rate might also be higher than conventional loans. This may be because seniors who face high inflation and declining investing markets are caught in a bind. If they are having trouble meeting expenses and want to downsize their housing costs, there are few options that are cheaper than their current housing situation.
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