A Reverse Mortgage Discussion

Reverse mortgages are a way for seniors aged 62 and above to take cash out of their house. The equity the senior has built up over the years can be used beneficially to aid in their retirement. Here are some thoughts and ramblings about reverse mortgages that you may find helpful.

Seniors can choose to take the cash from a reverse mortgage as a lump sum, in a line of credit or in monthly payments. If

they choose a lump sum, for example, Forer said that they could pay to retrofit their home to make kitchens and bathrooms

safer and more accessible? Especially important to those who are becoming frail and in danger of falling. As one grows older

all the appliances etc. can be fitted differently to help in everyday functioning. Seniors, in a very personal way, know that

staying in their home, close to their memories and in a familiar neighborhood, can be very important factor in enjoying

retirement. Securing a Reverse Mortgage enables a senior to do that, and many companies are designed specifically to assist

seniors with reverse mortgage needs. Senior home ownership and life expectancy rates are climbing steadily and therefore more

seniors are qualifying for reverse mortgages. Accordingly, now is the ideal time to establish consumer protections so that as

the reverse mortgage industry grows, current pitfalls and hazards for consumers do not expand as well. The national reverse

mortgage lenders association does that.

When deciding what options to pursue with a reverse mortgage make sure you check the NRMLA site which forbids fraudulent

activities. Here is a direct quote from them “National Reverse Mortgage Lenders Association (NRMLA) is the national voice of

the reverse mortgage industry, serving as an educational resource, policy advocate and public affairs center for lenders and

related professionals. NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage business. Our

mission is to educate consumers about the pros and cons of reverse mortgages, to train lenders to be sensitive to clients’

needs, to enforce our Code of Conduct and Best Practices, and to promote reverse mortgages in the news media.”

Seniors actively considering a reverse mortgage could certainly find value in comparing their personal expectations with the

experiences of actual borrowers. Most HECM (Home Equity Conversion Mortgage) borrowers are estimating their future ability

(or desire) to