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The New York Times has recently published a new article that points out a sometimes-overlooked issue that can arise with respect to reverse mortgages. If a reverse mortgage is not arranged for in a thoughtful and thorough manner, sometimes a surviving spouse can be forced to sell the house and move out when the other spouse passes away and the house is the subject of a reverse mortgage that was taken out only in the name of the spouse that passed away.
Reverse mortgages are not evil or bad. Like any complicated financial tool, they can be used to create good outcomes, or they can produce bad outcomes when used by those who are not experts.
This illustrates the importance of working with a reverse mortgage broker who really knows what they’re doing and who knows what to ask about, what to look out for, and how to protect the interests of all concerned. The article appears on the Times website at A Red Flag On Reverse Mortgages.
