Financial planner Kenneth Robinson recommended to a widowed schoolteacher in Washington state who’s worried about escalating property taxes that she might be a good candidate for a modern reverse mortgage.
“Once federal regulations were adopted some years ago, the Home Equity Conversion Mortgage (HECM) eliminated many of the problems we came to associate with the term reverse mortgage,” Robinson says. “I used to dislike reverse mortgages. Now, for many homeowners, they can be the most efficient way to stay in their homes.”