Reverse Mortgage Loan Blog

Red Oak, Iowa: Thank you for taking my question. I’m nearing retirement where I will be on a government pension. My house is paid for and by the end of this summer I will be totally debt free, barring something unforeseen. I’m thinking about getting a reverse mortgage at 62 instead of collecting social security at least until I’m 67. One, is a reverse mortgage a good idea (I am single with no heirs)? Two, is the banking crisis affecting the future of reverse mortgages?

Michelle Singletary: If you aren’t going to be desperate for money I wouldn’t get a reverse mortgage. It’s a loan meaning debt. And it doesn’t appear you need the money that bad.

Additionally, reverse mortgages carry heavy fees.

For more information about reverse mortgages go to www.hud.gov

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