Reverse mortgages have undergone several key changes this year, but for the masses that aren’t familiar with these products, it still begs the question of where taking out a reverse loan is a smart move, according to a recent Fox News TV segment.
Featuring Fox News’ “The Property Man” Bob Massi, the video segment describes how reverse mortgages are different today, specifically touching on the topic of the Financial Assessment.
“It’s something that came into effect this April,” Massi said. “It’s a good thing because it preserves the asset.”
Massi, who has been outspoken lately on how reverse mortgages can benefit consumers in a series of Fox News segments this year, touched on the vetting criteria lenders now consider as part of the reverse mortgage application process.
Fielding a question from Fox & Friends anchor Steve Doocy, Massi also clarifies what happens to the non-borrowing spouse in the event that their borrowing spouse dies, describing the policy update this year that allows surviving non-borrowing spouses to remain in the home—resolving an issue that has stoked controversy around reverse mortgages in the past.
“Reverse mortgage in and of itself sort of has this negative connotation,” Massi said in the segment. “It’s actually not as bad as you think. It can definitely help people, but you have to understand the rules and regulation.”
View the Fox News segment.
Written by Jason Oliva