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The Baby Boomer generation now includes 32 million homeowners. The vast majority of these are retired and have no source of income beyond their pension, which due to inflation is often not enough to secure a reasonable standard of living. Reverse mortgages are a means by which people can unlock the equity of their homes to get a lump sum or regular monthly payment based on the value of their home, which must be sold after their death. ReverseMortgage101.org has now updated its site with key changes to legislation that will take place on August 4th that may change how people view these mortgages.The site has published new reverse mortgage information explaining that after August 4th, reverse mortgages will not be due to be repaid until after the death of a spouse. This is hugely significant, as before this, the person whose name was on the home could die and the loan would need to be repaid or the house foreclosed upon, leaving their spouses or partners homeless and without funds. The new legislation protects partners against this.
This changes the evaluation of pros and cons for a HECM Loan considerably, and ReverseMortgage101.org has updated their own evaluations to reflect this. Hailing the recent change in the law as a defense of justice and common sense, the move has been broadly welcomed.
A spokesperson for ReverseMortgage101.org explained, “The new change to the law removes one of the biggest risk factors and chief impediments to getting a reverse mortgage. Many before today opted not to get a reverse mortgage for fear of leaving their surviving loved ones in a debt trap that they could not escape. This is now no longer the case, and makes reverse mortgages far more viable for far more people.”
About ReverseMortgage101.org:
ReverseMortgage101.org is an education resource that tries to get to the truth about reverse mortgages, the good and the bad. Reverse mortgages are a good idea for some people and bad idea for others. The site’s goal is to clearly explain the tradeoffs – the pros and cons – so that users can decide for themselves. In addition to providing free resources on the site, ReverseMortgage101.org also provides some of their tools and content to other sites that meet their educational standards.
Contact Info:
Name: Jeremy Smith
Email: Send Email
Organization: ReverseMortgage101.org
Phone: (888) 812-5092
Website: http://www.reversemortgage101.org/
Release ID: 58506
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