Industry Articles
Industry Articles Home > Reverse Mortgage News
|
Seek experts' advice on reverse mortgage, financial planner writes 2010-01-12 Seniors thinking about a reverse mortgage should consult a professional or attend a counseling session, retirement planning counselor Kris Flammang wrote recently in the Bradenton (Florida) Herald. Reverse mortgages are becoming more common, the counselor said. They allow homeowners to "receive the equity from [their] home and enjoy it in retirement," and are especially attractive to seniors whose retirement portfolios were decimated by the late-2008 stock market collapse. Many people are working longer to build up their decimated portfolios, reports say: Time magazine reported recently that the nation is witnessing a paradigm shift in people's attitudes toward working later in life. "Working longer is the closest thing you'll find to a silver bullet if you have not saved enough," Time suggested. Few companies are hiring, though. Retirees who want to increase their earnings may face an uphill battle in the job market, and some people over 62 may decide that a reverse mortgage is the best way to raise cash. Before jumping into a reverse mortgage, Flammang wrote, seniors should talk to a financial planner or retirement expert. The loans "may have a lot of technical details," he noted, adding that people who apply should be "confident [they are making] a good financial and emotional decision."  |
