CBS News Jill on Money featured a recent podcast segment presenting Jill Schlesingers take on reverse mortgages in response to a question from a listener whose mother is considering one of the loans.
While she says they can be expensive, Schlesinger notes that reverse mortgages can be a viable option for seniors who are hell bent on staying in their homes.
Reverse mortgages are good, she says, for those who are on a fixed income and whose home is their biggest asset. The younger you are, the less effective a reverse mortgage is, she says, noting that the amount that can be borrowed depends on age and appraised value.