Reverse mortgages allow people 62 and older to borrow against their home
equity, but it's unwise to do so without expert advice.
Charles Mills purchased his house in 2006 for $308,500. Current value: $105,797. He can barely afford to stay. But he also can't afford to move.
For homeowners, the decision to walk, tied to a housing crisis that's gripping
the market, is far-reaching.
Many Americans can't afford a home or don't want to own
one, a trend that's spawning a generation of renters and a rise in
Many financial planners advise debt-free retirement — including freedom from mortgage payments.
Stung by the crash of the housing market, some struggling homeowners are
using a provision of the
bankruptcy code to eliminate second mortgages.
Fixed mortgage rates remain below 5%, and fewer home buyers seem to be opting for adjustable-rate loans.
For home buyers who need to finance their purchase using a mortgage, a cash buyer can be their worst enemy.