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Changes to Reverse Mortgage Program Has Positive Effect
Changes to the Reverse Mortgage Program Has Positive Effect
Amid the news that the positive press for the reverse mortgage program have surged in the past months and FINRA's declaration that the reverse mortgage is no longer a loan of last resort, individual financial planners are beginning to see the benefit of the reverse mortgage as a long term retirement planning tool as well as an alternative way of paying off one's mortgage and using those funds for other uses.
In the past, misuse of reverse mortgages lead to borrower defaults when they were unable to pay their property taxes and insurance. In addition, because most borrowers received their funds in a lump sum, there were instances where little was left over for unexpected expenses.  
In an effort to make the program safer for borrowers, changes were made to the program to make it a more advantageous, long-term retirement planning tool and NOT a loan of last resort.
Since the changes, part of the uphill struggle have been educating new and past consumers on the benefits of the program as a way to strengthen their retirement portfolio. In addition, educating financial planners became more important as well as they were another vehicle through which consumers could ... more

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