A banker lends you his umbrella when it is sunny and wants it back when it rains. So says the well known joke about the sad state of consumer lending.

“After the recession, our clients called, telling us that their banks had canceled their lines of credit, even for people who had good credit. That’s the time when you need it most.” These are the words of John Salter, notable financial expert and principal at Evensky & Katz as quoted in a recent CNBC article “Putting it in reverse, advisors warm to reverse mortgage”.

As unprepared American retirees face dwindling options to access credit or home equity, the reverse mortgage continues to deliver. Hard learned lessons are usually embraced as a cautionary tale. Unfortunately, the American consumer has an exceedingly short memory when it comes to the lessons taught by the 2008 financial crises. Few understand or remember the significance of artificially low interest rates, the false security of rising home values, HELOC payment resets and the fallout of rising interest rates. Fortunately, older homeowners have some remaining viable options to access cash in their non-working years. One option remains while many march on, unaware of the potential financial time-bombs that lie ahead. The Home Equity Conversion Mortgage.

Every senior homeowner should take a hard look at their financial state…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary, and technology? Visit ReverseFocus.com today