A Reverse Mortgage May Not Be Right For Every Senior Homeowner
Reverse mortgages are all in the news. Radio and TV ads are produced, paid-for and aired, just to convince our senior population that their financial salvation may lie in a simple “reverse” mortgage. But, are reverse mortgages the panacea, the supreme financial solution, that will cure all ills?
Reverse mortgages represent a small fraction of the mortgage market. But they’re growing fast because of a much touted advantage — they let seniors with small nest eggs tap equity in their homes for cash, without having to repay the loans as long as they stay in the homes. As the oldest baby boomers turn 62 this year, they’re likely to face high-pressure pitches for reverse mortgages.
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