Reverse mortgages costing some seniors their homes

This story from the New York Times talks about seniors who have taken on reverse mortgages believing they could never lose their homes, but who have nevertheless lost their homes. The article gives some examples of how this has happened to people who didn't do anything wrong. It paints a pretty dim picture of some of the less reputable people selling reverse mortgages.

As with any financial arrangement, you have to have a thorough understanding of what you're getting into but it appears that many senior are signing up without that knowledge.

I recommend that anyone considering taking out a reverse mortgage, or who already has done so, should read this article. Although the article is American, the principles apply here in Canada as well. Click here to read the article.