Hey guys! You might have seen our post Tuesday announcing my role as HousingWire’s latest newbie. I’ve joined the team in the Dallas office this week to work on the launch of a beat dedicated to housing wealth and, specifically, reverse mortgages.
Now before you tell me that reverse mortgages may be the most boring and least sexy topic you’ve ever heard, let me tell you this: You’re right. BUT, turning your equity into cash and using it to maintain your lifestyle in retirement is, actually, kind of sexy. (Right? Or have I been doing this too long?)
Or, how about this: After spending years working to build the equity in your home, you are now going to strategically use that equity and put it to work for you. You’ll ditch your mortgage payment, access cash, afford all the essentials you need to retire comfortably and live in your home for as long as you’d like. Now that’s appealing.
A reverse mortgage is a somewhat complicated, extremely misunderstood financial tool that has withstood consistent regulatory change. It’s been marred by reputation issues and maligned in the news, and all of that has scared people away.
But the product is different now, and in the end, I don’t think its history will matter. I firmly believe it will become increasingly relevant as baby boomers look for ways to finance their retirement years. There’s simply no other loan out there like it. And, for most homeowners, the house is their largest asset—it just makes sense to find smart ways to use it.
Stay tuned as we get our reverse beat up and running, and don’t hesitate to reach out to me at email@example.com to share your thoughts on how we’re doing.