Retirement with a Reverse Mortgage

As Imentioned in the previous post, the costs for doing a Reverse loan have dropped and there are more options and choices on the various mortgage options.

The perception of the loan as being that of a “last resort” has changed because the public and professionals are better educated and make the time to seek out the correct information on the FHA loan program.

Here is a copy of the next portion of the article with the remainder to be in my next post.

MarketWatch: Will Reverse Mortgages Grow in Popularity?

Posted By Alyssa Gerace On December 17, 2013 @ 4:35 pm In News,Reverse Mortgage
“Some homeowners may be forced to reshape their opinions on reverse mortgages,” says the article. “As people live longer due to medical advances, more of them may need to get at their home equity to pay for their medical costs.”

Another factor: Many older Americans have significant wealth in the form of home equity, MarketWatch continues, and low- and middle-income households are especially likely to have their wealth concentrated in their homes.

“It’s a tremendous safety net. People today who would tell you they’d never want to use [a reverse mortgage]; 10 years from now, some will have to use it,” O’Hara said.

While the product could be increasingly used as a retirement safety, some say it could also grow as a strategic retirement planning tool.

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Extending Retirement Funds

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