Unlocking home equity
Reverse mortgages can allow seniors access to cash without selling their homes; new law improves terms for borrowers
In a robust housing market, Robert and Shirley Lachance would not have considered applying for a reverse mortgage.
The Glendale couple realized in April that their home of 32 years needed serious repairs, and the only nest egg available to fund those repairs was the nest itself.
But they still owed money on one home-equity loan and didn’t want another monthly payment cutting into their fixed income. Selling the house during the Valley’s worst real-estate slump on record seemed even less practical.
That’s when the Lachances remembered a commercial they had seen touting reverse mortgages.
“My wife and I discussed it and said, ‘We might as well give it a try,’ ” said Robert Lachance, 68, a disabled veteran and former steel worker.
Post from: Reverse Mortgage Loan Blog
