Negatives of Reverse Mortgages

Your article on reverse mortgages (“Putting Your House to Work,” Sept. 22) was appalling. Although you did make a brief mention of the “minuses,” the article gave a distinct impression that these mortgages were great for senior citizens, when in fact they are not.

Yes, when asked, most people say they would like to stay in their homes until they die. In the real world, most eventually reach a point where this becomes a bad choice.

First, home ownership equals upkeep expenses: periodic painting, roof maintenance, plumbing (everything from a leaky toilet gasket to a worn-out water heater to an expensive new drain line), electrical repairs, yard maintenance, etc., etc. These burdens do eventually became a strain on mental (and sometimes physical) health as well as on the bank account.

Second, the couple you showcased happily jaunting around the country crowing about how the cost is “on the house” obviously haven’t realized that it’s really “on their savings.” What happens a few years down the line if one or both of them need to move to a nursing or custodial care home?

Third, the initial fees are extremely high, and the interest rates are no joke. Again, although these costs may not seem important when they are being paid by the equity rather than by out-of pocket cash, but they become very serious later.

BARBARA ASPENSON

Los Angeles

The writer is a real estate agent.