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Thanks to historically low interest rates, reverse mortgages have new appeal for people in or nearing retirement who need cash but can’t afford monthly payments on a loan.
“With retirement, low interest rates usually make everything worse. They make retirement more expensive,” said Wade Pfau, a professor at the American College of Financial Services. “The reverse mortgage is the only tool I’m aware of that benefits from low interest rates.”
A 57-year-old nurse with no retirement savings needs a plan.
- Foreclosure moratorium for FHA-insured loans extended again.