Ask Terry Questions Reverse Mortgages —Terry and Tom Selleck

Reverse Mortgages —Terry and Tom Selleck

By Terry Savage on September 27, 2019 | Wild Card

Hi Terry,
As a former H.S. Business Teacher at Oak Park River Forest H.S. and mortgage banker at The PrivateBank and Trust, reverse mortgages should be avoided in 97 or 98% of the cases. Tom Selleck is pushing these and one should not go into debt after working most of one’s life to pay off a mortgage. I was somewhat surprised to see your point-of-view in the Tribune today. Wes Kott

Terry Says

I have no idea why you would make such a blanket statement. But I am delighted to be under the same blanket with Tom Selleck!

Seriously, a reverse mortgage can be a wonderful solution in the right circumstances — for someone who plans to age in the same home for at least 10 years, and has other resources to pay property taxes, insurance, and maintenance — and who is not worried about leaving the home to heirs.  This stream of income can make all the difference. Please read the version of this column posted on my website. It tells the story of my own father’s reverse mortgage.



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