As a dedicated reverse mortgage specialist, it is always interesting, sometimes frustrating, and, on occasion, comical to read and watch the frequent accounts and stories about reverse mortgages in the mass media.
On occasion, I see inaccurate reporting and that angers me. It angers me because I know the truth and the truth is that, for many senior homeowners, a reverse mortgage can be life changing.
Even when the media does a good job reporting the facts, they are only able to devote a few lines of print or 90 to 180 seconds of television news time to a very complex issue. That is simply not enough time to provide the reader or viewer with sufficient information on which to make an informed decision.
Therefore, I take my hat off to AARP on their 26 minute webcast entitled “Reverse Mortgages – A Rescue or a Trap?” The webcast encourages viewers to take a balanced, informed, and objective view of the reverse mortgage strategy.
Their report covers the key questions seniors should ask when evaluating reverse mortgages along with information on the built-in consumer protections and abuse avoidance that are part of the program.
The report was done in an interview format with a rather diverse cast of characters; two politicians, a reverse mortgage industry spokesperson, a member of the media, and a consumer advocate.
One very interesting point that was raised was a discussion of a recent AARP survey showing that 93% of seniors who opted to take a reverse mortgage were pleased they elected to go forward.
When nine out of ten people can agree about anything, that’s newsworthy.
