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Bruce Williams - Radio Personality & Columnist  |
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| Representative
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"Reverse mortgages are an idea whose time has come. There are many folks - such as yourself -- who have substantial equities in a home but are cash short. This loan provides a monthly payment from the mortgage company, and it is repaid upon the death of the second person on the mortgage, which would very likely be you. The older the youngest individual is, the higher the percentage that can be borrowed." |
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| Terry Savage - Chicago Sun-Times |
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| Representative
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"...I want to let you know that's exactly what I did for my
own 84-year-old father a few months ago when I helped him take out a reverse
mortgage on his paid-up retirement condo. So you see, I'm putting my money
where my mouth is. Or to be more accurate, I helped my dad to put his own
money in his pocket -- just as I've been advising you to consider. This kind
of financial independence is priceless, and well-deserved. Why shouldn't your
house pay you back for all the money you've put into over the years -
especially with the guarantee that you can never lose the roof over your
head?" |
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M.P. Dunleavey - New York Times  |
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| Representative
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"Of course, that basic explanation is rosier than the
reality, which is that these loans are annoyingly complicated. Nonetheless,
despite breathtaking upfront costs and head-spinning restrictions, reverse
mortgages are ever more popular...If you don't mind losing a chunk of your equity to fees, these loans have a certain appeal. But before you consider a reverse mortgage as a cornerstone of your own financial plans or of your parents' plans, do as much homework as you can." |
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| Dave Ramsey - Radio Host |
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| Article (Date): |
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| Representative
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"Reverse mortgages are normally offered to the elderly.
This mortgage plan disgusts Dave. Old people working hard their entire lives
only to finish up being in debt with their home on the line is an awful
concept. The problem is not only are you going into debt with this kind of
mortgage, but also the value of your home decreases in value. The equity in
the home drops and you're going into debt. How much sense does this make?
This concept goes against all principles of building wealth and smart asset
management." |
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| Walter Updegrave - MONEY Magazine |
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| Article (Date): |
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| Representative
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"So if you think money from your home can significantly
improve your quality of life in retirement, by all means look into a reverse
mortgage. Just be sure that before you sign up that this boost in your living
standard comes at a cost you feel is acceptable - and that you're okay
knowing you won't be leaving the house as a legacy to your son or other
heirs." |
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| Thomas Kostigen - MarketWatch |
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| Article (Date): |
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| Representative
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"These are notoriously bad deals for people in all but the
soft sense: they get to live in their homes for the rest of their lives...the
poignancy of people's circumstances is trumping sound financial planning. A
quick thumbnail calculation shows you could gain more by selling your home,
moving into a rental or less expensive house -- and putting your money in
ultra-safe Treasury bills. This would eclipse any reverse mortgage
calculation." |
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| Michelle Singletary - Washington Post |
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| Article (Date): |
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| Representative
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"Although growing in popularity, reverse mortgages are still an unknown financial product for a lot of elderly homeowners. But if you're 62 or older and find that you are cash-poor and house-rich -- meaning you have a lot of equity in your home but little or no savings -- this is a product worth looking into....I like reverse mortgages. They give homeowners a lot of flexibility and, increasingly, aren't just being used by cash-strapped seniors." |
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| Jonathan Clements - Wall Street Journal |
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| Article (Date): |
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| Representative
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"Costs aside, reverse mortgages seem like a decent product.
As long as you don't move or sell your house, the loan doesn't have to be
repaid until after your death. At that point, the amount owed, including
accrued interest, can't exceed your home's value...Because of the costs, I
can't get wildly excited about today's reverse mortgages. But I get even less
excited by the idea of seniors scrimping and saving unnecessarily. Need a
reverse mortgage to put the shine back on your golden years? Yeah, I'd
probably go for it." |
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