Paula Span has a disturbing story on p. D5 of the New York Times today, Tuesday, November 22, 2016, in a series called “The New Old Age”. The article title is “Swimming in a rising tide of mortgage debt” or (online), “They’re growing older: their mortgage debt deepens.”
The article examines the growing number of seniors whose loan balance is at least 80% of the value, and even of seniors who are still underwater.
Frequently, senior incomes drop with retirement, or with under-employment in the job market, and their ability to pay off mortgages weakens.
Then, there are ways to get hurt by reverse mortgages that is, by what a loan officer or sales person tells you. You still have to pay taxes and insurance and keep the home livable. It’s not a good idea to take a spouse off the title. Charles Guinn (“Aging in Place Specialist”) talks in the video.