Sam in Reverse

With the cost of living and life expectancy continuing to rise, senior citizens are facing a double whammy. Add to that high insurance costs, medical expenses and mortgage payments, some retired individuals are struggling to keep their heads above water without a steady income coming in any more. Looking for a revenue stream, some elderly homeowners are turning to reverse mortgages. Read further at http://www.foxbusiness.com/personal-finance/2010/08/02/reverse-mortgages-right/#content

http://online.wsj.com/article/SB127760222909210967.html?KEYWORDS=reverse+mortgage

As fees drop, some people tap reverse mortgages as a way to keep their homes http://www.marketwatch.com/story/reverse-mortgages-now-a-less-costly-lifeline-2010-06-28

The latest data shows that the average rate for a 30 year fixed rate mortgage declined 2 basis points since the last week to 4.81 percent. http://www.csmonitor.com/Money/Paper-Economy/2010/0609/Mortgage-rates-continue-to-drop

The spring issue of the Federal Deposit Insurance Corporation’s Consumer News includes a section on understanding the risks and costs of a reverse mortgage. Produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices, the publication is intended to present information in a nontechnical way for consumers. FDIC Consumer News Publishes Reverse Mortgage Feature

The article linked below will give you lots of food for thought.  Contrary to what most believe,  paying off your mortgage too quickly may not be in your best interest (no pun intended)... http://www.ricedelman.com/cs/education/article?articleId=232