Availability and terms of Lane County Reverse Mortgages could be changing rapidly. As Reverse Mortgage lenders adapt to changes brought about by the two biggest Reverse Mortgage players in the market a real gap has emerged.
For homeowners who are “house-rich, but cash-poor,” Reverse Mortgages can be a lifeline that enables senior citizens to remain independent while meeting basic needs. However, declining home values and a collapse of mortgage markets have had a major impact on all aspects of Reverse Mortgages.
The release of additional products like the HECM Saver may bring additional choices to seniors, but it has also made Reverse Mortgages more complicated, and therefore led to more scrutiny from Congress and regulatory agencies charged with protecting consumers. In recent years, Congress has passed two sweeping consumer protection laws aimed at unsuitable financial products but also hitting Reverse Mortgages.
In a recent report by the AARP Public Policy Institute, it was noted that Reverse Mortgage borrowers are getting younger in years, not older. “The trend toward borrowing at earlier ages raises concerns about the long-term impact of reverse mortgages on financial security. This, coupled with more borrowers taking out a lump sum at closing, the report says that “more research is needed on the consequences of Reverse Mortgages for long-term financial stability.
As new, less experienced agencies enter the market, it’s important to work with a professional who will provide safe and affordable Reverse Mortgage options.
Laurie has been working with Reverse Mortgage clients for well over 6 years and has a strong grasp on guiding you through the process-from start to finish.
Feel free to give us a call. We’re always available to offer sound advice and information on whether a Reverse Mortgage is the right option for you.
Contact Us
If you have questions about a Reverse Mortgage we will not pressure you to take one out, but it may be in your best interest to check out one now, rather than later. Please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?
Remember, we offer information and sound advice with no pressure.
