As we were looking at what’s going on for retirees and how we could help, there’s not a lot of options today. Reverse mortgages don’t have a good reputation, and can’t help a lot of people because of the age demographic, or just the math if it works out. People don’t want to leave their home, and they don’t want to take on debt. It can put people in a conundrum.
Homeowners have built up an impressive amount of equity in their homes. Yet many still rely on expensive unsecured credit like personal loans and credit cards. Tapping into their home equity can earn them a better rate--enabling them to pay down their debt faster, save money on interest, and enjoy a tax deduction on interest tied to their home renovations.