Senior Citizen's Guide to Cleveland 2013 Vol. 1 - page 15

SeniorCitizensGuide.com/cleveland
13
Article
Housing
All too frequently we tend to read or hear
misinformation about reverse mortgages doled out,
sometimes in the press, sometimes by consumer
groups or politicians. When wrong information appears
in the press, we also find that it is often repeated in
future press articles. We attribute this to the fact that a
reverse mortgage is a unique product that needs to be
studied—and those who misinform often do not take the
time to properly study or research it.
The most commonly heard misinformation is:
Reverse mortgages are some kind of scam.
A reverse mortgage is a well thought out, very
creative and highly effective solution to a societal
problem—the inability of some seniors to have enough
money to get through their retirement years. With
people living longer than they might have anticipated
and with many people’s savings diminished by the
economic downturn, being able to use your home equity
is one of the sources of support and comfort available.
Reverse mortgages are too good to be true.
Reverse mortgages are not a fantasy. They are by
no means a trick. You worked hard to earn the equity
in your home and you deserve the chance to use that
money if and when you need it. There is a cost attached
to a reverse mortgage, as with every loan. And there
are responsibilities that come with it.
Reverse mortgages are the loan of last resort.
In some people’s cases they may be. For others
they may not be. You may choose to use a reverse
Reverse Mortgages
Common Misperceptions
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