For years, I've watched and read pundits across a variety of media comment on the HECM products. Usually, they are uneducated writers, hitting some of the big bullet points on occasion. Time after time, I have waited to see retractions, corrections, etc. to no avail.
Something seems to be happening. I am noticing mainstream media (FOX, TODAY SHOW, MONEY, etc.) report that the reverse mortgage of today is indeed different and more importantly, they are finally agreeing that this product fits a retirement plan in todays ever changing world.
The TODAY show discussion is of particular interest, take a look below, the first couple of minutes of the clip are related. Here is a quote from the conversation, of which I wholeheartedly agree:
“ I actually have a problem with this notion that she owes her daughter an inheritance. You know, if your mother has a place to live for the rest of her life, that is paid for, no worries, then you're not going to have to step in and pay for a place for her to live, and that in and of itself is a gift. And this notion that our parents, who put us through college and take care of us our whole lives then owe us something at the end. I have trouble with that."
Reversing Conventional Wisdom