In a recent article titled From the Right Source, Reverse Mortgages Can Save Seniors’ Finances, reverse mortgages were truly validated, praised, and promoted for all the correct reasons.
The article began by reviewing the latest economic studies that showed the many financial hardships that seniors are facing today, including shrinking savings, rising number of those now living below the poverty line, and the fact that there will be no Social Security cost of living increase this year.
The article spotlights a senior by the name of Mike Griske who is 62. Mr. Griske did an analysis of the commodities tracked in the Consumer Price Index (CPI) as this is the index used by the government to adjust Social Security benefits. Mr. Griske’s objective was to demonstrate, irrespective of what this monthly key index indicates, that prices in the real world are rising and they are rising faster than his income.
The article concluded that for many senior homeowners, the reverse mortgage is an effective way to generate additional income for those seeking to avoid financial hardships. Additionally, the article examined the reasons why reverse mortgages are under used as well as offering advise on what to look for when considering a reverse mortgage.
All things considered, the article was filled with praise for the under utilized and frequently misunderstood program.
