The Department of Housing and Urban Development (HUD) has implemented its final phase of the Reverse Mortgage Stabilization Act. These changes were made to make the program safer and more secure and the experts agree.
What Financial Experts Are Saying:
- “New Reverse Mortgage Rules open doors to a more secure retirement. Using a reverse mortgage is no longer just for the cash poor and house rich. Instead, reverse mortgages can be used strategically as one part of a retirement income plan or reduce cash outflow from a traditional mortgage payment” ~Forbes
- “As more people enter retirement with modest savings and no private pension, they’re going to need some of the home equity back during their increasingly long lives.” ~ The NYTimes
- “What a reverse mortgage can do is to increase a retiree’s flexibility to meet spending objectives by integrating an otherwise illiquid asset into an overall framework for how to best spend down assets in retirement.”
~The Wall Street Journal