If you’re over 55 and you’ve refinanced your mortgage lately, there’s a decent chance you got taken. Not by a con artist. By a lender with a license, a nice website and a loan officer who called you “sir” or “ma’am.”
Bankrate calls it the seniority tax, and its August analysis puts a price on it: roughly $2,400 a year in extra interest, or about $19,000 over eight years. Stick with the loan for its full term and Bankrate says the tab reaches about $52,000.
I’ve been reporting on money for over 35 years, and I’ve seen plenty of ways older Americans get fleeced, from reverse mortgage ads on down. This one bothers me more than most, because it…
Read the full article at MONEYTALKSNEWS.COM
