Reverse Mortgages Loans Can Help Seniors Retire Comfortably The most difficult part of educating seniors and their caregivers about the reverse mortgage is the fact that they have heard and/or read so many negative news that they cannot fathom any positive news about the reverse mortgage loans. In a sense, it seems impossible to them that any positive can ever come out of the reverse mortgage. Thankfully, the tide of change is coming swiftly for the NEW reverse mortgage program, where, not only is the reverse mortgage industry poised to benefit from, but seniors, their caregivers, their heirs, their financial planners, etc. as well. For example, let’s say a couple did everything right in order to make it a comfortable retirement, however, their mortgage payment is higher than they ever imagined and burning a hole in their pocket every month. A reverse mortgage is a potential avenue for seniors whose monthly mortgage payment has been unmanageable and would rather put their monthly income to better use than their mortgage payments, especially if they have already retired (probably later than expected). In addition, mortgage payments plus lack of savings may create an unsustainable situation even more dire than the one above. According to Henry Cisneros, executive chairman at CityView and former Secretary of the Department of Housing and Urban Development, the nation has an increasingly bigger problem regarding seniors who continue to retirement with a mortgage: “Many aging Americans don’t have personal savings, and governmental budgets are strapped.” One of the most expensive, yet beneficial, investments we can make during our lifetimes is a home, however, sometimes a home, especially on a fixed income, may be a greater burden. A recent study, conducted by the Harvard Joint Center for Housing Studies  and the AARP Foundation and presented in Reverse Mortgage Daily, has found that a reverse mortgage loan is a possible retirement plan seniors have not considered, because of its negative reputation. Most importantly, HECM reverse mortgages are, not only insured by FHA as opposed to a regular home equity line of credit, but changes to the program over the past year have addressed previous concerns and strengthen the program to benefit both present and future borrowers and FHA. More control, at least in the beginning, over how much a borrower can receive upfront, may be a drawback for some borrowers, however, it is a safeguard to ensure there are enough funds left over for the rest of retirement. In addition, seniors who have secured a stable retirement as well as paid off their mortgage should not be deterred from utilizing a reverse mortgage loan as an ADDITIONAL source of funds and/or reserve account for their retirement. While the senior retirement situation may be less than comfortable and retiring with debt is becoming the norm, seniors should be aware of all their options, a reverse mortgage loan included. While it may not a traditional, established form of planning retirement, it may just make all the difference. Interested in a reverse mortgage loan or simply want more information? Give PS Financial Services a call at (888) 845-6630 or via email at We don’t pressure those who inquire. We are simply here to help.