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  • Reverse Mortgages in the News

  • National Media

    It’s no secret that reverse mortgages have the media’s attention, and last Friday, they had a moment in the spotlight on NBC Nightly News with Lester Holt.

    The story begins by highlighting the stress many people feel when approaching retirement – do they have enough money to retire? According to the report, a reverse mortgage may be part of the solution. And many consumer advocates agree.

    As our commercial starring Henry Winkler plays in the background, NBC News Business Correspondent Olivia Sterns explains the basic idea of reverse mortgages, “a loan that lets you borrow against the value of your house.”

    To dig in a little more, a reverse mortgage works much like a traditional loan. You borrow money based on the value of your home and you remain the owner of your home.* However, the reverse mortgage has a few unique features:

    • You can make payments if you like, but no monthly payments are required.*
    • The loan is a non-recourse loan, protecting you against declining home values.
    • You can get the money in a lump sum, monthly payments, a line of credit, or a combination of the three.
    • This loan is for homeowners who are 62 years or older.

    But what is it about the reverse mortgage that has made it so popular with many financial advisors and, now, financial media? According to Sterns, new government regulations and tougher lending standards may be the answer. Still, she warns, “they are not for everybody.”

    The story focuses on the Rothschild family, who got a reverse mortgage to help them stay in the home they loved when the market took a hit. For the Rothschilds, a reverse mortgage helped them stay in their home. For others, it could help pay off debts, purchase a new home, or be used as a retirement and financial planning tool.

    This is where the advantages of a reverse mortgage can really shine. That’s because many people are now using it as a tool to help when it comes to finances in retirement. They’re doing this in many ways, such as:

    • Using the money from a reverse mortgage to live on while allowing other investments more time to grow, resulting in more money to access in the future.
    • Starting a line of credit, but not withdrawing any money. Unused funds can grow in value over time. The longer the line of credit is open, the more money you can access later.

    The report was a great start to learning more about the reverse mortgage and how it can help homeowners age 62 or older – whether they need the money now or in the future. Click here to watch the full report on NBC’s site, then visit our site to learn even more about this program.

  • NBC Today Show

  • ABC's of Reverse Mortgages