Debate Continues on Reverse Mortgages

In response, to a letter from a Los Angeles Real estate salesperson, (Oct. 6, “Negatives of Reverse Mortgages”) she seemed upset that senior citizens across the United States have turned away from selling their homes and have looked to reverse mortgages to enjoy some of their real estate savings.

Why do family members, financial advisors, accountants and real estate attorneys recommend the reverse mortgage to clients and relatives? My mom got one five years ago and is financially content.

After seeking proper advice, if tax-free money from a reverse mortgage can enhance an older homeowner’s lifestyle (fun, travel, home improvements, etc.) or can provide financial peace of mind and security (in-home care, age in place, “money when I need it,” etc.), who is this real estate salesperson to say that reverse mortgages are not great for older homeowners?

Sounds like this real estate salesperson is upset she can’t get a sales commission or that she won’t get her hands on all of her mom and dad’s equity.

MARK ELLIS

Sherman Oaks