In the past, reverse mortgages may not have been considered a good idea by many, but as the program grows and continues to improve, the option of a reverse mortgage is becoming more appealing. Amy Hoak, a MarketWatch columnist said, “as people live longer due to medical advances, more of them may need to get at their home equity to pay for their medical costs. Also relevant is that many Americans near retirement age have a considerable amount of wealth in housing equity; 25% of all wealth was held in the form of home equity in 2011, according to the U.S. Census Bureau.” The program has helped many struggling seniors stay in their homes through financial hardship. Experts advise that all seniors who are considering a reverse mortgage be educated on the program. More here
