Reverse Mortgages: Facts and FAQs

Last night I finally had a chance to sit down and read my friend Mark's book about reverse mortgages.  Not the most exciting topic in the world so I congratulate him for tackling it.  Of course it's something he is passionate about so it certainly makes it easier.

It took me about 1 hour to read the whole thing. I challenge anyone to ask me a question about reverse mortgages, their pros and cons, why you would get one and how they may be better than a home equity line of credit.

In Chicago, I have meet many seniors who paid off their homes they bought 50 years ago - homes that are now worth a million dollars.  These same seniors are getting by on minimal social security checks and or pensions.  Their costs have increased and yet they are literally sitting on a million dollars.  If the senior wants to stay in their home (and the majority do) and they need a little help, I think it’s a great idea that they can borrow from themselves to do so.

Needless to say, I recommend the book for anyone who is considering his or her options.  It’s easy to read and understand and finish knowing how they work.  I personally have worked with Mark on the Alzheimer's Association Memory Walk Committee (that’s him at the walk in the picture).  He is smart and he is honest.  And that is the kind of person you would want working with you for a reverse mortgage.

Click here if you want to contact him or learn more!  (You can also buy the book from the Amazon link on this site!)

Photo by Jeffrey Czum from Pexels.