A Fox News Atlanta TV report this week features a positive question and answer session between a news anchor and a real estate expert who says his mind has been changed on reverse mortgages.
“It’s a wonderful concept for American seniors who have substantial equity in their home. They don’t have to qualify there are never any payments, but they can tap into home equity,” says John Adams, a real estate expert in the southeast United States.
Adams explains the way in which a reverse mortgage can work for seniors who have home equity and want to remain at home.
His view wasn’t always so cheerful, he admits.
“It’s a more preferable solution to what was out there five to seven years ago,” Adams says. “I think then, I said this is not something we ought to recommend. [Now] I think it’s a great program.”
View the segment.
Written by Elizabeth Ecker