After commenting earlier this month about the reduction of reverse mortgages, this article points out even more evidence of my point that seniors are looking at even fewer financial options in an effort to not outlive their savings:
http://www.chicagotribune.com/classified/realestate/ct-mre-0626-podmolik-homefront-20110624,0,6324717.column
The truly disturbing part of this article actually comes at the end, where the writer points out that HUD "had no comment". To me, this is an even bigger story than a large bank putting the stop on future reverse mortgages.
HUD is a government agency. The same government which appears to have practically wasted millions of dollars with its bank bailout program a couple years back. All that seems to have done is to bail out the coffers of some of the executives who may have helped to create this mess.
Having a government agency with "no comment" about this situation and its possible to probable negative impact on seniors is not a good sign.
Add this to the growing list of matters your local politicians should be discussing, but are not doing anything about.
Not that reverse mortgages are mass appeal or even ideal for every senior citizen. Without them, it is one less option for seniors. Here's hoping these seniors remember this when those same local politicans, who are now not helping them, come up for re-election.
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