The question every older homeowner should be asking…today

Washington Post: “Should you tap into your home equity to fund your retirement?”

It’s perhaps the most important question every older homeowner could be asking. Should you tap into your home equity to fund your retirement? That question is the title of a recent column written by David Mount in the Washington Post. Mount presents a fair and factual representation of reverse mortgages. However, we will also examine his approach as to when one may be appropriate.

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1 comment

The Positive Realist July 5, 2021 at 9:56 pm

The crux of the reverse mortgage product is that it is a nonrecourse collateral based mortgage that supplies cash flow to borrowers. Not every senior needs or should even consider this product; however, for those senior homeowners who need cash flow or have a specific use for the cash, a reverse mortgage can be a God send. In such cases, seniors should look at a reverse mortgage as an alternative of first choice.

Many in our industry believe that somehow FINRA is endorsing reverse mortgages as an option of first choice BUT such is not the case. As an industry we are so ultra optimistic, we see an organization that no longer refers to reverse mortgages as an option of last resort as somehow endorsing reverse mortgages as options of first choice. Such is not the case. Is it any wonder that the growth in our industry now only comes from those who already have a reverse mortgage.

What our growth is saying to us is that we are regressing when it comes to reaching out to new prospects. We need to get our heads out of the ground and take a dose of reality. Our detractors may not be calling reverse mortgages loans of last resort but that is exactly what they mean.


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