Are Reverse Mortgages a Good Choice for Income?
Tuesday - May 08, 2012 at 07:52 am
With interest rates at all-time lows, many retirees are struggling to find ways to generate income from their retirement accounts. However, many are finding that one resource may be the equity they have in their homes. That equity could be accessed via a stream of income known as a reverse mortgage. Reverse mortgages have not received favorable reviews in the past because of high costs, but our next guest says some of those costs have dropped significantly. Is it time to reconsider a reverse mortgage?
Mike Switzer interviews Alex Chastain, a certfied financial planner with Abacus Planning Group in Columbia, S.C. http://www.abacusplanninggroup.com/home.html and http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/ and http://portal.hud.gov/hudportal/HUD and http://portal.hud.gov/hudportal/HUD?src=/federal_housing_administration and http://www.ftc.gov/bcp/edu/microsites/moneymatters/your-home.shtml and http://www.ncoa.org/