3 Reasons to Get a Reverse Mortgage

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The Motley Fool gives 3 reasons to get a reverse mortgage

You may want to file away the statements made in a recent Motley Fool article the next time you sit down with a potential borrower. While many financial columnists are not only critical but misinformed about the Home Equity Conversion Mortgage, personal finance writer Maurie Backman is not among them. Her fair-minded approach can be summed up in her statement “though reverse mortgages have their drawbacks, here’s why they sometimes make sense”.

1 comment

Steven Kule January 28, 2020 at 6:11 am

The insights that you quoted were spot on, except for the new spot condo addition. This program does not permit dissipation of assets to qualify for financial assessment. So someone who has been living in a condo for years, and pays all their bills (including hoa fees , insurance,and taxes) on time, but just doesn’t have sufficient income to meet the standards, cannot take advantage of this program, even though the program is designed to help them.

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