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The Last Safe Haven?


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Are Reverse Mortgages The Future For Retirees

Are Reverse Mortgages The Future For Retirees?

Is a reverse mortgage in fact the last safe haven for future retirees? If so why are we not seeing record production? A look at the current state of soon to be retirees, home values and more. Watch the video for more information.


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  1. Many need counseling beyond what they are receiving to apply. I’ve been sitting down with them to show that the days of the $100 birthday gift for the 20 grandchildren are over as is hosting Sunday dinner. One applicant was spending $800/montly on groceries on that. Home values may be low, but if we can just get rid of the home debt, they can live within their means with some budget help.

    • Bernadette, Excellent point. Beyond the reverse issues of cash flow and embracing the reality of being on a fixed income must be address. Good to hear you are looking at the full picture.

  2. I am running into distrust of the government when they read that it is insured by the government.

    • Jill. I wouldn’t be surprised with bailouts and the nation’s debt. The good thing we have going for us is a long history of the program allowing seniors to stay in the home even if upside down as long as they meet their obligations.

  3. I agree that Sr. feel an obligation to their children and grand children as far as financial support but yet they still will not consider the reverse mortgage for themselves and their own living expenses. They want to save their homes for the heirs and get deaper into debt maintaining those homes. I have one in particular that has an equity line of credit that puts them over the limit to get a reverse mortgage. Has anyone negotiated with the lender on the second to either suboridinate to third position or modify the loan amount to fit in the perimeters of what is available from the reverse?

    • Acceptable subordination is tricky. You need to work with your underwriter on this issue. See Mortgagee Letter (“ML”) 2009-49 before you do anything else. Despite what it seems to say this ML does not rule out all subordination from non-governmental sources BUT it does greatly restrict eligibility.

      Good luck.

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