In the first Reverse Focus podcast following Independence Day, Shannon Hicks discusses a recent USA Today article that explores the upsides and downsides of reverse mortgages.
The article, which quotes John Salter, an associate professor in the Department of Personal Financial Planning at Texas Tech University, explains that while a reverse mortgage may offer many benefits for older homeowners, but cautions that these mortgages are not necessarily “free.”
In the next podcast story, Hicks describes another recent article on reverse mortgages—this time from Bankrate, which covered how to pay back a reverse mortgage when the borrower dies. The article strives to answer “revolving questions” that surviving spouses and adult children might have when the reverse mortgage becomes due and payable.
Also discussed, a recent study found that more than 2% of housing inquiries are centered on those who are looking for more information on reverse mortgages, according to a survey from the Eldercare Locator, a referral service providing information about care resources available in communities nationwide.
While the number appears small, the survey comprised more than 271,200 requests for assistance from the Eldercare Locator—15% of which were seniors seeking info about housing, and 2.1% of that share were those seeking info about reverse mortgages.
Lastly discussed in the podcast, the Huffington Post offered some advice on how to shop for reverse mortgages. Stating that reverse mortgages can be a “viable proposition” for older homeowners looking to tap home equity, the HuffPost cautions consumers must “look before you leap” and educate themselves before they borrow.
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- USA Today: Reverse mortgage ups and downs
- Bankrate explains paying back a reverse mortgage when borrower dies
- Survey finds reverse mortgage interest among seniors’ housing inquiries
- Huffington Post: How to shop for reverse mortgages
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Editor’s Note: These posts are sponsored by Reverse Focus.
Written by Jason Oliva