There are at least two sides to every story. Many negative news articles are painting the picture that the reverse home mortgage is for desperate seniors who have no other way to keep their homes than to access a line of credit through their home. However, there’s a flipside to the reverse home mortgage that paints reverse mortgage borrowers in a much better light.
Take a look at the profile of one borrower couple that was printed last week by the Columbia Tribune. This couple moved from California to a new home in Columbia and wanted to boost the quality of their lives with the move. They're only in their sixties and have plenty of vim and vigor left to be enjoying life after retirement. They wanted to do so by traveling and making comfort-enhancing improvements to their new home.
The way that they decided to finance this improvement in their quality of life was to make use of the reverse home mortgage. Sure, they could have lived off of social security income and been able to afford their home. But they wouldn’t have had the extra money for improvements and worldwide activities. Now they can get out and about using the money from their reverse mortgage loan and they can return home to a house they truly love.
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