Reverse Mortgage: Now It’s Part of Retirement Says Bank of America Executive

20060830_113819_ctp_logo Over the weekend the Connecticut Post published an article about how one 64 year old woman who decided to use a reverse mortgage to manage her her escalating property taxes and mortgage payment and couldn’t be happier with the results.

Lewis borrowed about $230,000, a portion of which went toward paying off her mortgage and car.

"If I pay both my property tax and my mortgage, I would have a couple hundred a month to live on," said Lewis, who works as a cook at Greenwich High School. "I really felt I didn’t have any other option."

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The article had one of the more positive outlooks on reverse mortgages that I’ve seen in a while, especially when Steve Boland, SVP and reverse mortgage executive for Bank of America said lenders have recently seen an increase in popularity in reverse mortgages because people’s retirement accounts are losing money and people want to maintain their standard of living.  "Before, it was considered a last resort," Boland said. "Now, it’s part of retirement."

Reverse mortgages growing in popularity

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  • Mr. Borland paints a little rosier picture than is true for the industry as a whole. Also we have a long way to go before reverse mortgages are viewed as part of the retirement package.

    Nationally HECMs are about the same as last year and the number of proprietary RMs is way down.

  • Mr. Borland paints a little rosier picture than is true for the industry as a whole. Also we have a long way to go before reverse mortgages are viewed as part of the retirement package.rnrnNationally HECMs are about the same as last year and the number of proprietary RMs is way down.

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