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Are Reverse Mortgages Easy Money Or Just A Dumb Move?

Friday, April 4, 2014 - 9:43 AM
From Yahoo Homes:

"Reverse mortgages are a useful tool for some people," ... (t)hey can enable retirees to age in place, but we always emphasize that these are loans, and as such, borrowers have obligations. ... If you plan to live out your life in your house and you don't care about leaving a legacy behind, the reverse mortgage is a very valid option."

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The strategic policy advisor with the AARP  Public Policy Institute quoted in the article advises that well-heeled homeowners with a highly appreciated home may benefit the most from a reverse mortgage when the stock market is down. 
pearlbrownpearlbrown1,473 posts since
Nov 2, 2010
Rep Points: 6,402
1. Friday, April 4, 2014 - 10:10 AM
+1 Vote for Dumb Move. Just my Opinion.
dpandslemmendpandslemmen29 posts since
Feb 10, 2011
Rep Points: 120
2. Friday, April 4, 2014 - 10:21 AM
It can be a good solution for some who are asset rich but cash poor. But go ahead with extreme caution and make sure you understand all the implications.
MidAtlanticMidAtlantic25 posts since
Jun 5, 2012
Rep Points: 110