Newspapers are becoming more aware of the existence of reverse mortgages as time goes by.
You'll find a comprehensive Wall Street Journal article on reverse mortgages here.
And a strong rebuttal to some of it's points here .
Later: I've been reflecting on Ms. VanBooven's rebuttal since this entry was posted. I'm impressed with the intensity of her reply. She comes across as a passionate believer in the merits of reverse mortgages.
And, like many passionate folks, sometimes all is either black or white.
That's why I take issue with some of the phrasing in her rebuttal.
She says: "When a senior talks to a "reverse mortgage specialist" who has no financial planning background (simply a loan officer), the senior ends up with a sum of money and NO plan. This is unacceptable in my view, (emphasis added) because , as we have learned, without a plan, many seniors will come back to the reverse mortgage specialist in 6 months looking for more money."
A couple of points:
The implication here is interesting. If you are a senior you, --and by implication-- no one else in your family, don't know how to manage money. You need professional help, else you'll run through your money in 6 months!
Can you say "hyperbole?"
I'm not going to spend a lot of time tooting my own horn here, but I believe that I have probably helped more West Michigan residents use reverse mortgages to achieve their own visions of a fufilling retirement than any other single person in my area.
Have I seen any one of my clients back in 6 months ... "looking for more money?"
Not a one.
Maybe because we all live here in WestMichigan, and not in California?
Finally, initials after your name generally indicate studies leading to increased technical knowledge -- and that's a good thing.
But any "Financial Advisor" or "reverse mortgage specialist" while striving for knowledge, will ultimately serve a client better by living the teachings of the Man who is qutoted in Matthew 7:12.
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Remember, after all is said and done, only you know whether a reverse mortgage makes sense in your unique financial situation.
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