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bad things about reverse mortgages

Reverse Mortgage Tips

Vera Gibbons spoke with Julie Chen about when is a good time for a reverse mortgage and what to look out for.

Is it time for a little less certainty?

One of the things I often wonder about is why people adopt belief systems that don't work to their advantage. You see this in all kinds of areas, more often than not, I believe, in areas where people are heavily invested emotionally. Those areas tend to be in my experience, at least, in the areas of religion, politics, and money.

I am somewhat reluctant to broach this because it is never my intent to insult or offend anyone, and sometimes these subjects are so emotionally charged, people can't get past that. We often descend into our tribal positions and no amount of evidence or reasonable dialog can bridge the gap. Here are a couple that, no matter how much I try, I can't get my arms around.

Climate change is a perfect example. How in the world did this, of all things, become politicized? What's political about preserving the one planet we have to live on? This should be, in my estimation, something we can all agree on.

Finance Professor Urges Retirees Not to Ignore Reverse Mortgages

Hopkins, an associate professor of taxation at the American College of Financial Services in Bryn Mawr, Pa., is no stranger to advocating for use of the reverse mortgages, writing at length in publications such as Forbes and conducting research about usage of the products. He’s also emerged as a frequent presence on the conference circuit, including at the recent Housing Wealth in Retirement Symposium co-hosted by the American College and the Bipartisan Policy Center.

The breadth of the speakers at that event, held in Washington, D.C. last month, shows just how far the Home Equity Conversion Mortgage has come in the public imagination, Hopkins told RMD.

“Almost unilaterally, across the board, everyone said it was being underutilized,” Hopkins said, pointing to the attendance of representatives from AARP, the Urban Institute, the Brookings Institution.

Three to four years ago, the idea of those groups being completely open to reverse mortgages and attending a conference on the subject would have been close to unthinkable, in Hopkins’s estimation.

what are the bad things about reverse mortgage ? what makes it a bad choice?

It's really going to depend on your situation. What are your goals, and when do you wish to accomplish them.