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Main Content

Reverse Mortgages are getting safer but far from risk-free

There have been more regualtions put into place recently to make reverse mortgages a bit safer but they still carry some inherent risks, even in Las Vegas, Nevada.

Reverse mortgages are loans that people age 62 or older can take out against their home’s equity when refinancing or purchasing Las Vegas, NV homes for sale. Yet, many borrowers have run into issues because they took their equity as a lump sum and spent the cash quickly. Recently some new rules, which launched in October, discourage Las Vegas homeowners from taking lump sum payouts by reducing the payment a borrower receives if they take the entire amount immediately.

Read entire CNN Money article:

Reverse mortgages: Safer, but far from risk-free

If you would like to speak to a Las Vegas Realtors about home for sale options are perhaps we can put you in contract with a great lender. We also focus on Summerlin Homes for sale in Summerlin, Las Vegas, NV.