Finances are top of mind for many Americans as a result of the COVID-19 pandemic, writes Fox Business in a brief news item this week, and some may consider reverse mortgages.
The article is very brief when it comes to details, but asks the question as to who benefits, and includes a comment National Reverse Mortgage Lenders Association President Steve Irwin made previously to Bankrate noting the kinds of solutions qualifying homeowners can achieve with a reverse mortgage.
“Americans living out their retirement years, namely those who count on their investments for income, are facing a hard task as the coronavirus pandemic takes its toll on the economy and personal finance,” the article notes. “Some people who are eligible may consider a reverse mortgage, a type of loan allowing the homeowner to withdraw a portion of their equity but not repay until they leave the house.”
The article also directs readers to a Federal Trade Commission webpage dated June 2015, which includes some information about reverse mortgage basics and resources. The page appears to include some outdated information about reverse mortgage types and rules, as the Home Equity Conversion Mortgage program and reverse mortgage lending landscape have changed significantly over the last five years.