The Washtington Journal via C-SPAN television hosted an interview this weekend with New York Times Financial Editor Patrick Scott on the topic of reverse mortgages. The segment comes following a New York Times article warning consumers about the risks associated with the loans.
“It’s a pretty complex home loan,” Scott tells the Washington Journal program. He later fields questions from borrowers regarding their financial situations.
The segment covers marketing, risks, the exits of large banks from the business and market potential.
Though not an overall favorable perspective, Scott says there are situations where reverse mortgages can work.
“The concern is as baby boomers’ medical costs [and others increase] they are looking for more ways to have money in retirement and will be looking to these loans,” he says.
Written by Elizabeth Ecker