I just read a very sobering article from the AARP Bulletin about Americans over 55 and debt. I know that many senior homeowners I work with daily have 25 plus years to pay on their current mortgage and no plan of how they are going to pay it off. In cases like that, a reverse mortgage may make good financial sense if the homeowner wants to remain in their home with no mortgage payments. Homeowners should alwasy be aware though that they will continue to be responsible for payment of property taxes and homeowners insurance...
"A generation ago, many Americans worked toward paying off their mortgages and retiring with little, if any, debt. Today, a growing percentage of older workers are heading in the opposition direction. " See link to AARP on my sidebar.
Deborah Nance
Your Local Southern California Reverse Mortgage Professional
