We are all frustrated with the amount of negative press reverse mortgages receive and former Ginnie Mae CEO Joe Murin has joined the club. In his Voice of Housing column for Mortgage News Daily, Murin writes, “I have had about all I can stand with the negative press related to Reverse Lending.”
Speaking for Baby Boomers in general Murin adds “For those of us with limited income, yet still independent and don’t want to ask our children for help, the reverse mortgage is a perfect solution.”
He goes on to explain his own parents situation:
I have parents in their mid-eighties who, fortunately are in good health and very independent. But when they were facing escalating property taxes, repairs to their home, and annual increases to their supplemental health care coverage, I began to see a change in them that concerned me. Too proud to ask for help, I approached them with the thought of applying for a reverse mortgage. As one could expect it took some time to educate them but they forged ahead. Now, some six months after they closed they are so much more independent and free of the worries that were having a serious impact on their quality of life.
Thanks to Shannon for the tip.