As some of you know, my grandparents currently have a FHA HECM reverse mortgage and I am currently working with my parents to get an FHA HECM reverse mortgage.
Many seniors are concerned whether or not a reverse mortgage is right for their situation, and the truth is “it depends”. But with the current downturn in the economy, there are more seniors than ever who are struggling to make their monthly bills and yet could benefit from an FHA reverse mortgage.
Apparently, I am not alone as someone who works in the industry and recommends an FHA reverse mortgage to his parents…
Outgoing FHA commissioner Brian Montgomery has recently been quoted as saying that there is a bright future ahead for reverse mortgages despite the current credit crunch. He has also been talking with his mom about taking out an FHA reverse mortgage although she has shown some resistance.
His thoughts about the FHA reverse mortgage program?
“I told her that I was her son and would always be looking out for her best interests,”
“I also told her that I administered the program for the United States of America and thought it was a pretty good idea.”