Earlier this week Nightly Business Report ran a feature story on reverse mortgages as part of their “Get Your Finances Ready for Retirement” segment. PBS correspondent Connie Hicks takes a look at reverse mortgages by talking with different people including a couple from Washington, DC who recently took out a reverse mortgage.
Hicks talks with Diana Nicholson and her husband about how they are using a reverse mortgage as a safety net to provide themselves with money in case they have an accident or crisis. When Hicks asked the Nicholson’s if they had any advice for other people looking for a reverse mortgage, they said to learn as much as possible about the product and make sure you comparison shop. Typically I don’t see the media covering people who are using a reverse mortgage for a safety net. Most of the time a reverse mortgage is portrayed as a “last resort” option, so I thought that was a plus.
While the report does bring up how some seniors are being encouraged to purchase an annuity with their reverse mortgage proceeds, it wasn’t the focus of the segment… It’s about time. Hicks also briefly talks with financial columnist & author Terry Savage about helping her father get a reverse mortgage and NRMLA’s President Peter Bell makes an appearance too.
Overall another good positive piece on reverse mortgages from the mainstream media. Are we starting to see a trend towards more positive media coverage? To read the entire transcript click the link below.