Washington Post writer Benny Kass makes his predictions for the new year in his Housing Counsel column.
Looking into his “crystal ball”, Kass sees good things for reverse mortgages in 2010:
Also in 2010, we will likely see reverse mortgages continue to grow in popularity, especially as more baby-boomers — who did not bother to save money in the past — are reaching e the eligibility age of 62, and realizing that their only asset is the house they live in. Now that major reforms have been instituted to curtail the abuses — and some of the high costs associated with reverse mortgages — it may be the right choice for more people.
I can’t speak for everyone, but it was encouraging to finally hear someone acknowledge the reforms and protections which have been implemented are doing something.