Reverse Mortgages: Saviors for Seniors
As Congress struggles toward consensus on a bailout bill against a backdrop of failing banks, tightening credit and a shaky stock market, mountain seniors may be questioning whether the investments on which their retirements depend are secure.
For many of them-but not all-the reply to their anxiety may be a reverse mortgage, a financial product that allows them to draw on the equity that’s built up in their homes and employ it for a wide range of uses.
One Crestline senior believes taking out a reverse mortgage two years ago may have been one of the smartest financial moves she ever made.
“My situation was poor. I really didn’t know what to do,” said Marly Walters, a 72-year-old divorcee with no children. “I was living on
Walters had retired from an data technology position with Fox Studios in 2000 and bought a home in Crestline when prices were still low. Her equity rose dramatically in the next few years, and in 2006, before prices began sliding, she decided to act.
Post from: Reverse Mortgage Loan Blog
Reverse Mortgages: Saviors for Seniors
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