Reverse mortgages on the rise
Fixed-income seniors tap their homes for cash — but it’s not for all
When Doris Heil bought her house in west Wichita about 20 years ago, she did so with the help of a personal loan from a friend. Her friend recently moved into a nursing home, and Heil wanted to pay off what she owed so her friend would have more money available for her own rising expenses.
To do so, Heil turned to a reverse mortgage, a growing trend among senior citizens.
As living expenses–particularly health care costs — rise while incomes remain stagnant, seniors are increasingly finding reverse mortgages a way to remain in their homes and make ends meet.
