CNBC Reverse Mortgages – Coverage Alert
Our CNBC reverse mortgage coverage alert pertains to the recent article written on October 26th 2015, titled – “Reverse Mortgages: Useful Retiree Tool or Bad Move?”
It is our goal to formulate our opinion on their article and add our commentary to the CNBC reverse mortgage article.
First, the article hints that this type of unique mortgage product was once viewed as a last resort. Shop Reverse Mortgages would have to respectfully disagree with this connotation.
While some companies have pushed the limits with its advertising techniques and considered misleading, the stigma associated with reverse mortgages could be well understood. However, many reverse mortgage companies who take the time to clearly explain both the pros and cons of a reverse mortgage. It is then up to the consumer to make an educated decision as to whether this unique financial product would be advantageous for their specific situation.
For instance, we always advise our visitors that if they intend on moving within 2 to 3 years, then it may be a better option to seek other alternatives. This is due to the upfront fees associated with reverse mortgages which are typically higher than traditional refinances. There are many other reasons that a reverse mortgage may not be beneficial and it can only be identify from a thorough needs-analysis.
CNBC Reverse Mortgages – Good Research by the Network
Quoting a certified financial planner was a great decision from CNBC. Rather than asking a reverse mortgage company who would be obviously biased towards the product, they asked a person who is neutral and required to put their clients best interests first. The take away from her statement was that it gives access to wealth.
As the reverse mortgage on CNBC continues, they indicate the safety of the reverse mortgage. Something we attempt to make extremely clear. With numerous companies not fulfilling promises, banks failing, economic troubles (like in Greece), it is critical you feel safe. This is accomplished when CNBC highlights the fact that the federal housing administration. Of course, like with any other types of insurance, they clearly state the stipulations. Such as paying your real estate taxes, HOA, and maintaining a well-kept home.
Another certified financial planner chimes in with some examples pertaining specifically to a hypothetical example. This was a fantastic statement CNBC managed to get in their article. As many readers enjoy specific examples as they can relate and get some rough figures in their mind.
The CNBC reverse mortgage article concludes with moving away from hypothetical and moves to real world examples. One financial planner advised their client was able to stay in their home longer than they otherwise could have. Another indicates the power a reverse mortgage can have on an investment portfolio.
It is important to note that your situation is likely different than the examples shared on the CNBC article on reverse mortgages. Therefore it is best if you speak to someone about your situation.
Have any questions? Ask one of our reverse mortgage specialists today. Shop Reverse Mortgages helps homeowners over the age of 62 shop reverse mortgage lenders & brokers.