Financial Columnist Changes Mind on Reverse Mortgages

This was a great article on reverse mortgages.

A financial columnist this week detailed the ways in which his opinion has evolved on reverse mortgages, moving from mild distrust to solid acceptance in certain scenarios.

Writing for the San Antonio Express-News, columnist Michael Taylor noted that before digging into the products in response to a reader question, he hadn’t known much about them but still remained cautious.

“I had never paid much attention to reverse mortgages, although I’d previously had a vaguely negative feeling about them,” Taylor noted.

But that changed when he started researching Home Equity Conversion Mortgages on behalf of a reader who saw an American Advisors Group commercial with Tom Selleck and wanted some more unbiased information. Taylor walked away impressed with the fact that borrowers don’t have to pay any principal or interest during their lifetimes, as well as the fact that lenders can’t foreclose as long as the homeowner remains current on the tax and insurance payments.

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Note: This material is not from HUD or FHA and not been approved by HUD or a government agency.

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