DEFAULTS ARE INCREASING ON REVERSE MORTGAGES

Home owners who are 62 and older can apply for what is called a ‘reverse mortgage.’ Reversed mortgages  have been around for several years now and thousands have applied and received reverse mortgages on their homes. A reverse mortgage is designed for people who are 62 or older to borrow equity in their homes and then receive monthly payments until they move or die. There are no monthly payments, but the property taxes, insurance and any maintenance costs all have to be paid, and paid on time. Many see this as a good retirement income.

According to the National Association of Realtors, defaults on these loans are now hitting all time records and are also being blamed for many senior citizens loosing their homes. With the increase of defauolts, the Consumer Financial Protection Bureau is now working on new rules for improving the disclosure of these reverse mortgages and the hidden risks, as well as better overall supervision of the lenders who issue these loans.

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About Maxwell

MAXWELL@BOSTONLUXE.COM • CELL: (617) 543-7754 • OFFICE: (617) 267-4600 Maxwell Burke began his real estate career nearly 20 years ago doing appraisals with his father in Southern California and Northern Texas. He grew up in a family environment so oriented towards investment and real estate that to call his upbringing entrepreneurial would be a disservice. From his grandfather's multiple developments ranging from British Columbia down into Southern Mexico to his uncle's holdings in Portland, Oregon, Maxwell has been given a view not just of Boston real estate, but of American real estate. Maxwell and Drew Abysalh met in 2009 and increasingly consolidated their business models together culminating in their partnership in 2011. With over 300 real estate deals under his belt ranging from a standard rental to a $1.5 million condo conversion, Maxwell is a tremendous resource to help you realize your real estate dreams. Welcome to Boston Luxe - it's a pleasure to meet you. Google

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