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Bruce Williams - Radio Personality & Columnist   bruce williams thumbs up on reverse mortgages
bruce williams on reverse mortgages
Article (Date):
Representative Quote: "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."
Terry Savage - Chicago Sun-Times   terry savage thumb up on reverse mortgages
terry savage on reverse mortgages
Article (Date):
Representative Quote: "...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?"
M.P. Dunleavey - New York Times   mp dunleavey thumbs down on reverse mortgages
mp dunleavey on reverse mortgages
Article (Date):
Representative Quote: "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."
Dave Ramsey - Radio Host   dave ramsey thumbs down on reverse mortgages
dave ramsey on reverse mortgages
Article (Date):
Representative Quote: "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."
Walter Updegrave - MONEY Magazine   walter updegrave thumb up on reverse mortgages
walter updegrave on reverse mortgages
Article (Date):
Representative Quote: "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."
Thomas Kostigen - MarketWatch   Thomas Kostigen thumbs down on reverse mortgages
thomas kostigen on reverse mortgages
Article (Date):
Representative Quote: "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."
Michelle Singletary - Washington Post   michelle singletary thumb up on reverse mortgages
michelle singletary on reverse mortgages
Article (Date):
Representative Quote: "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."
Jonathan Clements - Wall Street Journal   jonathan clements thumbs up on reverse mortgages
jonathan clements on reverse mortgages
Article (Date):
Representative Quote: "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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