The U.S. senior citizen population is growing. Between 1990 and 2000, the number of individuals at least 65 years of age increased from 31.2 million to nearly 35 million. Many more are reaching the minimum social security retirement age; by 2010, more than 50 million people in this country will be at least 62 years old.1 Life expectancies are lengthening, creating the need for retirement income to last longer than in previous generations. However, according to the U.S. Government Accountability Office, “Efforts to increase personal savings outside pension arrangements seem to have had only marginal success.”2 As a result, older people who need additional funds to cover general living expenses…

What should I do if I have a reverse mortgage and I can’t pay my property taxes or insurance? If you stop paying taxes and insurance, your reverse mortgage lender could file a foreclosure to take your home. It’s important to keep current with these payments if you can afford to do so. Learn more about what to do if you’re already behind on your tax or insurance payments. If you are struggling to afford your taxes and insurance, there might be local programs or other options that can help you keep your home. A reverse mortgage foreclosure prevention counselor can help you make the best choice for your situation.…

What should I do if I have a reverse mortgage and I received a notice that I am “delinquent,” “in default,” or behind on my property taxes and insurance? Act quickly. If you delay, or ignore the notice, you could eventually be forced to leave your home. Keeping current on your property taxes and homeowners insurance is a condition of your reverse mortgage. If you get behind, you are considered “in default” on your reverse mortgage. Default means that you are not meeting the requirements you agreed to when you took out the loan. Unless you take steps to “cure,” or fix your default, your loan could get foreclosed on…

I saw an ad for a no-payment reverse mortgage from the Department of Veterans Affairs (VA). Is this legitimate? Answer: No. The VA does not offer no-payment reverse mortgages. Some mortgage lenders run misleading ads directed at veterans that promise special deals, imply VA approval, or offer a “no-payment” reverse mortgage to attract older Americans desperate to stay in their homes. You should look out for and avoid loans that advertise: Official-looking logos implying that the loan comes from a government agency like the VA or the Department of Housing and Urban Development (HUD). Government agencies guarantee some loans, but they do not lend directly. Promises of amazingly low rates. Offers…