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ABC Arizona: Reverse Mortgages Right for Some, Not Everyone

When budgets tighten during retirement years, it helps to find “unique places” to get more money. For some retirees, a reverse mortgage can be a helpful solution, according to a recent ABC-15 Arizona news story.

Appearing on the Financial Fitness Zone portion of the ABC-15 Morning News this week, reverse mortgages took the spotlight for how they can shore up a person’s finances during retirement, especially when income from Social Security or pensions fall short.

“The reverse mortgage is a way to supplement that,” said Don Hagen, AVP of Real Estate Lending at Phoenix-based Desert Schools Federal Credit Union, in the segment. “It’s a way to actually get yourself another additional income stream.”

The segment also discusses some frequently asked questions and concerns regarding reverse mortgages, including what happens to the home after the borrower dies, and what does the bank do when the homeowner passes away?

“Bottom line: check with your financial institution after you check with your family members,” concludes ABC-15 Morning News Anchor Dan Spindle in the segment. “This decision will affect them long after you’re gone.”

View the ABC-15 Arizona segment.

Written by Jason Oliva