Reverse Mortgage Loans Explained

reverse mortgage loans

Reverse Mortgage Loans - Not a Last Resort

National Reverse Mortgage Lenders Association president, Peter Bell, discusses various reasons why people use reverse mortgage loans. He describes situations where people wish to defer taking Social Security benefits until they are older, but need supplemental income in the interim.

Bell touches on another reason reverse mortgage loans are being utilized more recently. That reason is one that has come about as a result of the economic devastation that has been occurring since the Fall of 2008 along with the continued whip-saw behavior of Wall Street investments, retirement accounts and 401-k plans. Many folks that thought they planned well for retirement, suddenly find themselves in untenable situations with regard to retirement assets and their liquidity or lack thereof, for certain of these accounts.

Mr. Bell explains that reverse mortgage loans are NOT just a loan of last resort. For some reason, this mantra has been chanted by critics for the last 20+ years. Frankly, reverse mortgage loans have ALWAYS been much more than just a last resort option, but in today’s environment, they are even less so.

Reverse mortgage loans deserve investigation by anyone 62 or older with substantial home equity. They can be one tool in your overall arsenal for smart financial planning. Yes, they may not fit the bill for everyone, but for those that they do help, they can mean the difference between scrimping just to get by and being able to breathe easy and live a secure retirement life.

Reverse Mortgages Explained by President of NRMLA

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