Over this past weekend, the New York Times published a very positive article on Reverse Mortgages and how many seniors are taking advantage of them at this time due to the financial crisis.
The loans have had to overcome the negative image that they are the choice of last resort, too expensive, the lender gets the property at the end of the loan and a plethora of other incorrect information.
And due to the general stupidity regarding how great they are and the fact that they are insured by the federal government, the perception is that they are something to be avoided. How sad!
I have had countless calls from frantic homeowners that are in foreclosure and hoping that they can do a Reverse loan. And most of these calls are from people that are too young and I can’t help them.
This is one of those times, it pays to be a Senior. It’s much more about than getting a movie or meal discount, it’s about staying in their home, having money to do so, cover their expenses and relieving their adult children of a financial burden.
The New York Times article was very favorable and pointed out all of the great benefits to having a Reverse mortgage. I don’t have their website handy, but just google it and look for last weekend’s edition and an article titled, “The Reverse Gear”.