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Reverse Mortgages and Baby Boomers – No free lunch

Posted on Mar 24, 2014 in Uncategorized

Baby Boomers are signing up for reverse mortgages at record levels.  They’ve taken out $15.3 billion worth in 2013, an increase of 20 percent from the year before.

Baby boomers who have saved nothing for retirement  – almost 77 million of whom are going to retire fuel growth in reverse mortgages.

Just because boomers are getting reverse mortgages, it doesn’t mean that they are getting out of their debts.  Bankruptcy remains the best and surest way to eliminate debt and secure a retirement free from hounding debt collectors.

If you are thinking about a reverse mortgage, call us at Lakelaw 847 249 9100  to discuss how it fits into your overall scheme.  Remember that these are high-fee loans. Remember that you will lose all equity in your house.  Remember that you’ll have nothing to pass on to your loved-ones and nothing to show for your years and years of hard work.

Just because Henry Winkler looks so sincere in TV ads hawking reverse mortgages doesn’t mean that its the right thing for you.  Ask us to tell you the whole truth about reverse mortgages.  You may be able to keep possession of your house but from an economic standpoint, it won’t be yours – it will be the bank’s.  Don’t forget this.

 

 

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