Never underestimate the power of innovation. Only a year ago I said there were “no-payment mortgages” in our future. I predicted the Federal Reserve would create them. But I was wrong. It wasn’t necessary for the Federal Reserve to create them. They already existed!
Who knew? I didn’t. I was thinking about them the wrong way. The no-payment mortgage was becoming a done deal, available to all. Indeed, Texas became the last state in the union to allow home purchase reverse mortgages when the proposition was approved on Nov. 6.
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