AARP Bulletin - Making Your House Work For You

AARP wrote about Reverse Mortgages in early 2008. Although AARP states that they do not support any specific lender or bank when it comes to reverse mortgages, it certainly seems as though AARP recognizes the positive side of this mortgage product.

http://bulletin.aarp.org/yourmoney/personalfinance/articles/making_your_house.html

One of the quotes from the article: "My father had had a stroke and did not want to go to a nursing home," explains an Asbury Park, N.J., resident who acted on behalf of his parents, both of whom are in their 70s. "We looked at every other option to allow them to stay in their house. The reverse mortgage was a lifesaver."

One note to add to this: People love to say that "Reverse Mortgages are expensive". I typically respond with "Compared to what?". Let's think about this....if you compare a reverse mortgage to a forward mortgage, you have to understand that they are not the same. One loan you make payments, the other you don't. One you must qualify for based on credit, income and employment while the other is just age! After these facts are presented suddenly a reverse is much more of a benefit than a cost!