Retirement Watch Lighthouse Logo
Retirement Watch Lighthouse Logo

The Rise of Reverse Mortgages

Last update on: Jun 09 2020

The New York Times explored reverse mortgages and concluded that they are becoming respectable, though it referred to them as “a necessary evil.” The big news in the article is that many local and community banks are entering the reverse mortgage market. So, don’t think you’re restricted to the large banks or the firms who peddle them through late-night television commercials and infomercials.

I walked into their headquarters with my own strong feeling that reverse mortgages are an increasingly necessary evil. In an ideal world, everyone pays for their expenses in old age from Social Security and retirement savings and keeps any home equity intact for their heirs or for nursing home care.

But nearly every week brings new signs that many millions of Americans will not have enough money to retire comfortably — or at all — in the coming decades. One recent Federal Reserve survey of people whose employers offer a retirement plan but who do not participate shows that 27 percent of them say they cannot afford to save any money.

bob-carlson-signature

Retirement-Watch-Sitewide-Promo
May 2021:
Congress Comes for your Retirement Money
A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
X
pixel

Log In

Forgot Password

Search