Seemingly everyone we talk to these days knows about reverse mortgages, what they are for, and how they can be used. Some years ago, the same people had never even heard about the term 'reverse mortgages' and did not know what that term meant. Now these people drop the term 'reverse mortgages' casually into conversations and even know people who have benefited by taking out reverse mortgages on their homes, or they have done so themselves.
More and more American seniors are exposed to this term through the media day in and day out. Newspapers, local and national, write about reverse mortgages in some states, financial planners know all about it and answer questions through their columns in newspapers, the term is broadcasted in radio talk shows, and there are thousands of internet blogs talking about the term 'reverse mortgages', all available through search engines in the search results pages.
But like any other finance-oriented industry, reverse mortgages industry also has limitations and pitfalls that have not been widely publicized as yet. Overall, the benefits seem to outweigh the disadvantages, if any, and that is a positive side of the reverse mortgage industry, as the program is purely voluntary and optional for home-owning American senior citizens.
Senior home owners are known to consider taking a reverse mortgage to meet their short-term and long-term cash/finance needs. Some people choose to take a dream vacation with the money from reverse mortgage, while others use the money for home repairs and remodeling. Since the money from reverse mortgage does not need to be repaid until the house is vacated and sold, more and more seniors are looking at reverse mortgages as a viable option to get financing during these tough economic times.
Philosophically, the reaction of home owning seniors who have taken reverse mortgages has always ranged between 'feeling better' to 'very happy'. Deep-thinking seniors have seen the advantages offered by a reverse mortgage plan on their homes. Such money may not be available normally through any other financial means or options.