Many of us in the reverse mortgage industry are hoping that the FHA limits are increased to the maximum. The results of intensive vetting of the language of FHA Mod will come shortly.
As I was reading the newspaper this morning, I came across an article about the New York assembly pushing for a bill to aid with home heating oil. One assemblyman is quoted as saying.”Far too many New Yorkers will have to choose between heating their homes throughout the long months of ice and snow and bitter cold and feeding their families.” Well, if we just change a few words, he could have just as easily said, far too many seniors will have to choose between heating their homes throughout the long months of ice and snow and bitter cold and having enough food on the table. Those legislators in the senate said people in the state need property tax relief. “If taxpayers can’t afford to pay their property taxes, then you may not have to worry about having a home to heat”. Let’s change “taxpayers” to “seniors”.
The real scary part is that 35 states have a severe budget crisis. To think that government will always be there with succor is a dream. Let’s not forget it is a big election year. Pandering and posturing is what our elective leaders do best.
I see a day when the reverse mortgage will be recognized universally for the important financial tool that it is. At least for those 62 and older homeowners (who use the home as a primary residence), the reverse mortgage is the pathway to a better life.
If reverse mortgages can help government manage its Medicaid costs, along with other entitlement and assistance programs, then government should encourage the use of and provide incentives for seniors who avail themselves of this wonderful program.
Dennis been meaning to drop you a line, you put out some great content keep up the good work! Also if you are ever interested in linking let me know -Cliff
Posted by: Reverse Mortgage Lenders | August 12, 2008 at 07:48 PM