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This paper examines the reverse mortgage, which is a group of loans that is not dissimilar from a home equity loan except that it is designed for people at the age of retirement. The author explains how reverse mortgages work and discusses the advantages and disadvantages of taking up a reverse mortgage. In closing, the paper cautions that no reverse mortgage or other loan should be entered into without the consultation of a valued financial advisor and without the knowledge of primary potential inheritors, who may need to understand how to resolve the loan at the close of its terms.
Sample of Sources Used:
- Carr, M. Anthony. "Reverse Mortgages Can Trap the Unwary." The Washington Times 10 Sept. 1999: 13.
- Cocheo, Steve. "Reverse Mortgages Shift Up a Gear." ABA Banking Journal 88.10 (1996): 77.
- HUD Website "About Reverse Mortgages" (2006). http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm
Cite this Descriptive Essay:
Reverse Mortgages (2009, February 11) Retrieved July 04, 2020, from https://www.academon.com/descriptive-essay/reverse-mortgages-112109/
"Reverse Mortgages" 11 February 2009. Web. 04 July. 2020. <https://www.academon.com/descriptive-essay/reverse-mortgages-112109/>