Would you advise a client, friend or relative to take a Reverse Mortgage

Absolutely!  Every situation is different, but the reverse is a legitimate concept.  Go to the SRES (Senior Real Estate Specialist) site and perhaps you will find more information there.

Depending on the person and there needs I would.  Why not if it would help a person have a better quality of life wouldn't it be worth it.  Sometimes social security just isn't enough.  At 62, 65, or 70 should you have to struggle to make ends meet?  I don't think so.  I think a reverse mortgage is a great way for a person to have a better quality of life.

Tim, I write about 5-7 Reverse Mortgages per month, and can say that I have not had one complaint from any of my clients.  This is a very consultative and education product that can better the way of life for the homeowners!

Also, I'm not sure if you are aware, but there is a petition about YSP being paid to brokers.  I wrote a blog on this just today.  Please Click Here to read it!

Because of the exceptionally stout up front fees, generally speaking I'd say that if your needs are long term, it's a good option to look at. If the needs are short term, I think there are much less expensive ways to access money for an improved lifesyle..

 

Tim,

Reverse mortgage can work real well for many seniors who may need extra income from the equity for a variety of purposes. It's steadily gaining in popularity. Some stats did say that it's often used to pay down or off the existing mortgage.

I have about 20 reverse mortgages in the past 2-3 months.  As a notary performing the closing, I cannot express an opinion to the borrowers regarding the loan, but all of the borrowers seem to be very happy with their loans.

If a friend or relative were to ask my opinion, I would probably recommend it.