U.S. News Factors Reverse Mortgages into Retirement IQ

The Internet abounds with endless content on financial opinions and retirement savings. In efforts to cut through all the noise, U.S. News offered up 10 questions people should consider to boost their retirement IQ, even touching briefly on reverse mortgages.

The pool of retirement assets is diverse, from Social Security and pensions to IRAs and 401(k) plans. Other strategies such as downsizing into a smaller house or getting a reverse mortgage can also provide some extra wealth for their retirement.

But when it comes to reverse mortgages, U.S. News suggests readers do some research and weigh the costs to decide whether taking out the loan or moving into another residence is the best decision for them. 

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“Your home can be used to help fund retirement,” writes U.S. News. “Just remember that selling your house and then moving costs a lot of money. There are also significant fees involved in applying for a reverse mortgage. So, do your homework before you decide.” 

Read the U.S. News article.

Written by Jason Oliva

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  • “Your home can be used to help fund retirement.” Yet that is why many HECM borrowers who defaulted on property charge payments got their HECM. This is a vague declaration of purpose and could even be stated in a loan of last resort scenario.

  • While I am happy reverse mortgage merits mention in US News’ article, its comments are oddly non sequitur: “…selling your house and then moving costs a lot of money. There are also significant fees involved in applying for a reverse mortgage. So do your homework before you decide.” US News, may I suggest you do your editing before you publish? While we in the industry get what you’re saying, namely homeowners ought weigh the two options – moving or doing a reverse mortgage – this article stands to further confound an already skeptical public.

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