Latest / The Clark Howard Podcast
2.18.20 Reverse mortgages are disastrous; Fake high-interest bank accounts; Money-saving travel tips
Reverse mortgages have been a caller topic for Clark for 2 decades. When people are house rich and cash poor, reverse mortgage -wherein the mortgage company sends you a check every month while you still live in the home, appears to be a solution. Routinely Clark goes through a checklist to determine the severity of the financial situation, and warns of the high fees involved. USA Today investigated the industry, finding many bad players looking to steal people’s homes via foreclosures. This opened a floodgate of people confirming this was their experience. The reverse mortgage market has been…
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