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Reverse Mortgages: Paying double for What's Already Mine, or a Lifesaver?

July 9, 2010 - Sylvia Heldreth

Seniors have long appreciated the option of tapping home equity through a reverse mortgage.This lending instrument is gaining popularity since fees have been reduced and the stress of financial conditions has been heightened.

Nay Sayers claim it's wrong to pay interest to use what's already owned, home equity.  Heirs claim, "There goes my inheriting the family home!"  Cash strapped homeowners respond,  "I want to stay in my house and this is how I can do it!  It's my money, isn't it?"

What do you think?


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