Lori Trawinski, Director of Banking and Finance at the AARP Public Policy Institute
Peter Bell, CEO of the National Reverse Lender Association
Pam and Richard remember the days when reverse mortgages were hawked like Ab Crunchers on late-night infomercials. But tighter regulations have now made them a legitimate source of supplemental tax-free income for seniors who wish to remain in their homes until their deaths. In fact, Terry helped her father get a reverse mortgage in that enabled him to live in his retirement condominium until he passed away at age 96. But it’s not a decision to be taken lightly, and the federal government has established safeguards to ensure that potential applicants and their families fully understand both the benefits and risks of this often misunderstood option.
Resources
Reverse mortgage resources at the AARP Public Policy Institute: Link
National Reverse Mortgage Association guides and tools: Link
Home Equity Conversion Mortgage information at the Consumer Financial Protection Bureau: Link
NextAvenue articles on Reverse Mortgages
Should You Get One of the New Reverse Mortgages? Link
