You can’t put a price on the emotional distress or anxiety a senior could experience when forced to leave familiar surroundings, so why not avoid this by getting a reverse mortgage? asks an Inman News article.
Despite people citing high costs of originating a reverse mortgage as a reason not to get one, Inman counters that closing costs for selling a home are also expensive, and, as the former leader of Wells Fargo’s reverse mortgage division Jeff Taylor said, it’s difficult to place a senior into a living situation that’s both desirable and affordable.
A recent AARP survey revealed that two-thirds of respondents approaching retirement age had been forced to tap into their retirement accounts, and a quarter said they had exhausted their personal savings. If these borrowers had taken out a reverse mortgage three years before, says Inman, chances are, they could have avoided spending down their other assets or tapping into retirement accounts.
For seniors who don’t want to have to worry about finding another place that will meet their needs and expectations, they have the option of remaining at home by using funds from a reverse mortgage, says Inman.
Read the full article here.
Written by Alyssa Gerace