More seniors are taking loans against their homes — and it’s costing them

As she was getting on in years and her resources dwindled, Virginia Rayford took out a special kind of mortgage in 2008 that she hoped would help her stay in her three-bedroom Washington rowhouse for the rest of her life. Rayford, 92, took advantage of a federally insured loan called a reverse mortgage that allows cash-strapped seniors to borrow against the equity in their houses that has built up over decades.
Read more: https://www.washingtonpost.com/business/economy/more-seniors-are-taking-loans-against-their-homes--and-its-costing-them/2017/08/25/5f154072-883a-11e7-961d-2f373b3977ee_story.html?utm_term=.c623d65ed1fc?source=Snapzu