2017-05-19 / Business

Is Reverse Mortgage Right for You?

Joe Conrad Joe Conrad Are reverse mortgages the loan of last resort or the safer route to retirement planning?

Reverse mortgages have a bad reputation due to the way they were previously structured. These loans came with high interest rates, exorbitant costs, increased loan amounts and easy access. As a result, the home’s equity quickly diminished and many seniors who got them couldn’t afford them. This was a recipe for disaster.

Homeowners became quickly upside down and in some cases in foreclosure because they didn’t keep up with property taxes, homeowners insurance and routine maintenance.

Things are much different today. Interest rates and costs for reverse mortgages are much lower. There is a financial assessment in place ensuring that borrowers are able to pay property taxes, homeowners insurance and have enough left over to pay for regular upkeep. In fact, many of yesterday’s previous borrowers won’t qualify for today’s reverse mortgages.

Today’s product provides a homeowner with a more comfortable, safer and stress-free retirement.

Joe Conrad is the leading reverse mortgage planner at Skyline Home Loans. For more information, call (818) 65-2271 or email Joe@TheReverseMortgageGuy.com.

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