BPC Commission on Retirement Security and Personal Savings

Here is the last portion of the article that shares the purpose and concerns of the Policy Center’s new Health and Housing Task Force.    In conclusion it discusses the merits of using money from a Reverse loan to create financial stability for a senior and allow them to remain in the home.

Housing Task Force Sees Merits of Reverse Mortgages – By Jason Oliva – March 30, 2015

“A reverse mortgage is a useful tool to generate capital that people have stocked up over a lifetime in the equity of their home, but it has implications,” Cisneros said. “There are serious things to think about, but it is a tool that deserves a place if properly utilized.”

In a previous report [2] from February 2013, the BPC touched on the topic of reverse mortgages, urging steps be taken to ensure consumers understand the mechanics of these loans, including their benefits and potential risks.

Though it is unclear if the Task Force will target reverse mortgage policy recommendations, the BPC’s Commission on Retirement Security and Personal Savings is looking into the topic of reverse mortgages in a report which is slated for release this sometime this Fall.

“It [reverse mortgage] is a toll in the toolbox,” said former Senator and HUD Secretary Mel Martinez, on contribution of reverse mortgages for aging in place. “As with any other financial tool, there always needs to be a fit for the need as opposed to the opportunity. Good consumer financial empowerment is paramount in any financial transaction.”

Building on the work of the BPC’s Housing Commission, and simultaneously with its Long-Term Care Initiative, the Health and Housing Task Force plans to seek cost-efficient ways to meet the health and housing needs of the burgeoning senior population.

Among its goals will be finding cost-effective ways to modify homes and communities to make independent living viable for senors and identify barriers to home and community-based services.”

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