Some financial planners are still on the fence when it comes to reverse mortgages, a recent CNBC article reveals. Shannon Hicks discusses the article in this week’s Reverse Focus podcast. Whether due to cost, restrictive program changes or celebrity TV endorsements, most financial advisors see the often misunderstood home equity conversation mortgage (HECM) as a last resort for cash-strapped seniors.
For homeowners and reverse mortgage borrowers property taxes are a critical expense that stand between them and possible foreclosure. Hicks details the findings of a recent WalletHub analysis of states with the highest and lowest property taxes. Individuals in states with the highest property taxes may be the most impacted by the upcoming Financial Assessment, he says.
Also discussed, buying is more affordable that renting in the majority of U.S. counties, according to new data from RealtyTrac. The monthly house payment on a median-priced home is more affordable than the monthly fair market rent on a three-bedroom property in 76% of U.S. counties, data show.
In Reverse Focus’ last story, Hicks sheds light on the changing preferences of Baby Boomers regarding where they want to live as they age, based on data from the National Association of Real Estate Investment Trusts (NAREIT). Two generations ago, most American seniors stayed in their homes for as long as physically possible, but with the rise of senior living communities over the past several decades, more older adults have opted to (and continue to) live in senior housing facilities than prior generations—a shift that has largely to do with personal wealth.
To listen, login or become a free member to access past and current episodes.
- CNBC: Financial planners still not sold on reverse mortgages
- Heavy Price: These states have the highest property taxes
- Buying more affordable than renting
- Aging in place forcing Boomers to reconsider aging in place
Listen Now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”
Editor’s Note: These posts are sponsored by Reverse Focus.
Written by Cassandra Dowell