Reverse Mortgage Daily: No Longer a Loan of Last Resort

The Home Equity Conversion Mortgage (HECM), most commonly referred to as a reverse mortgage, has been in place since 1989.  Since that time, it has gone through various changes to continually strengthen the program to protect both consumers and the product.  However, the concept of what a reverse mortgage provides has remained constant since its inception.  That concept is to provide senior homeowners with a financial option to obtain cash from the equity in their home which can be used for any purpose at all.  Perhaps what has changed over the years is people's perception on what a reverse mortgage is designed to do.  Reverse Mortgage Daily published a recent article regarding the shift in perception from a "loan of last resort" to a "viable retirement tool".  At the controls of that shift is the mainstream media and how it continues to portray reverse mortgages.  Unfortunately, since the reverse mortgage industry is relatively small in the mortgage industry as a whole, many consumers often rely on what they read instead of who they can talk to who has direct knowledge of the program.  As the saying goes, don't always believe what you read and do your own research.  Also, reach out to a reverse mortgage professional who can give you objective information.  Mainstream media has proven to not always get the story straight, nor to be accurate in their understanding of financial concepts.

Read the entire article here.

For more information on reverse mortgages and other related topics contact:

Rick R. Rodriguez
Certified Reverse Mortgage Professional, CRMP
NMLS# 473353
Toll Free (877) 500-0454
Local (702) 460-6222