Option Arm Holders over 62- STOP PANICING! Get A Reverse Mortgage

Option ARM-holders: Time to Panic!!!

A mortgage called the option ARM offers a tantalizing possibility: The minimum payment is so low that you owe more on the house at the end of the month than at the beginning.

If you read Norton Juster's "The Phantom Tollbooth" as a kid, you're familiar with the concept. As the characters dine on a concoction called "subtraction soup," they become hungrier by the spoonful. They feel ravenous at the conclusion of the course.

An option ARM is like subtraction soup, except that a steady diet of minimum payments can result in a feeling of homelessness instead of hunger. To pile on the alarming rhetoric, a recent cover story in BusinessWeek dubbed the option ARMs "nightmare mortgages" and called them "toxic" and "deceptive."

Payment option adjustable-rate mortgages are appropriate for some borrowers in certain circumstances, and they're dangerous for other people.