Home foreclosures continue to rack the U.S. economy
and housing market.
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.