A new article in the Financial Times suggests that an increasing number of financial advisors specializing in retirement are starting to think of reverse mortgages as “lifesavers” for those who qualify living in negative financial circumstances. The program has experienced some rule changes over the last few months, and in turn has helped aid in reverse mortgage consumer protection. Experts have stated that the tax-free proceeds gained from a reverse mortgage can help consumers postpone Social Security usage and can decrease the amount withdrawn from their 401(k) and IRA accounts, Marguerita Cheng, the CEO of Blue Ocean Global Wealth said, “the bottom line is that reverse mortgages are no longer only for retirees in dire straits. Advisors should be looking at every aspect of income, including home equity.” More here
