Reverse mortgages are attracting a younger crowd. Originally they were designed to help cash-poor older people stay in their homes, as a loan of "last resort." But boomers ages 62 to 64 now represent 20 percent of prospective borrowers (62 is the earliest age you can apply), according to a recent survey by MetLife Mature Market Institute.
Think how hard it must be for all those 1980’s TV stars that are now on late-night TV, hawking miracle creams and reverse mortgages. How demoralizing. Lewis lectured about the dangers of pursuing.
A reverse mortgage involves less danger of losing your house than a standard mortgage because there is no required monthly payment on a reverse mortgage, hence no danger of a payment default that can lead to foreclosure.
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If you want to leave your home to your children, having a reverse mortgage on the property could cause problems if your heirs do not not have the funds needed to pay off the loan.
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However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.
A person with a reverse mortgage can add anyone to title at any time, whether they are the minimum age of 62 required for a reverse mortgage or not. The loan documents state that if there is at least one original borrower still on title as well, others may also be added to title at any time.
While a reverse mortgage should not be considered a retirement tool, one’s mortgage loan is a form of forced savings. If a senior is in danger of losing his or her home or simply needs additional cash, it makes sense to tap into one’s equity.