Minnesota Attorney General Lori Swanson expressed concerns about reverse mortgages in a news segment airing this week seeking to answer the question: When a reverse mortgage works, and when it doesn’t.
The segment includes interviews with two reverse mortgage borrowers as well as a reverse mortgage counselor and Attorney General Swanson finding while the idea is simple enough, there are some caveats.
“Some people think it’s easy money or free money, but it’s a very complicated loan,” Swanson says. Additional concerns surround cases where one spouse in a couple is not on the home title, Swanson says.
AG Swanson has previously expressed concern over reverse mortgage use, despite a Minnesota campaign, “Own Your Future,” which highlights the products’ benefits.
Written by Elizabeth Ecker