Under provisions of the Truth-in-Lending Act, borrowers have up to three business days following the signing of reverse mortgage paperwork to cancel the transaction. This is called the "right of rescission." For additional information read "Is a Reverse Mortgage Right for You?" at: http://www.extension.org/pages/11590/is-a-reverse-mortgage-right-for-you. This publication is a basic introduction to reverse mortgages. It covers how much money can be accessed, qualifications, counseling sessions, providers, costs, advantages, disadvantages, and additional sources of information. We would like your feedback on this Personal Finance Frequently Asked Question.
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I signed the paperwork to get a reverse mortgage last night, and now I have changed my mind. Is there anything that I can do?
Last Updated: August 11, 2011
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