It depends on the needs and situation of the people who get them. If it benefits the people then I am a fan.  If someone deceived into getting one then I am not a fan of the person who deceptively sold a reverse mortgage. 

Absolutely a fan. One more option for those who qualify...to get more home for their money without a monthly payment for life of the applicant(s).

Whether one has the money or not to cover the full purchase, this could still be a wise move. Has to do with the time value of money in ones own situation...are they making more on that equity in their own business or is a other specific investment yielding higher returns for them.

REVERSE Mortgages for purchasing houses create a SUPER, SUPER, SUPER marketing campaign for building buyer lists. That does not mean anyone uses a Reverse Mortgage to purchase, but the message one can create is incredible.

As a product, I love it.  It's a wonderful product, often the best solution out there for certain folks in certain circumstances.

As marketed (as a solution to everyone 62 and older), I hate it.  It's expensive, there are a lot of sharks swimming in those waters, and for many folks 62 and over, it's NOT the best solution.

A reverser mortgage purchase was the opportunity one client had a few years ago to get a home or remain a renter. These programs can make a huge difference for certain people.

For the right situation, I'm a big fan! 

They are a great tool for people who want to purchase new construction as well!   

Yes I'm a fan. I have not heard any negatives at all & I've had clients that finally had to move after having them & they were very happy.

Who is not happy - greedy kids that think their parents should not spend their equity on presciptions that they need. Phooey on that. 

I think, as with many products, they have a place. As to whether I'm a fan or not... can't say... have not had enough exposure to reverse mortgages and have never had a client who wanted one.

As Kathleen Daniels wrote and that is another valid reason why anyone thinking of an HECM must undergo a mandatory course.

Reverse Mortgages are fine, for the right scenario- I'm a fan. It's the lenders that get the bad reviews because they are sharks. I have a friend that is an expert in them, I trust him with my clients.

in certain financial situations, they're a blessing....but they're not for everyone....

Nathan Gesner I believe they have their place and in the right situation may be good for the home owner.

I work with a great local lender, dedicated to the HECM - and he's sold me on the value and versatility of the prodect.  He'll interview the customer at their home, and make sure this provides the best option for them before proceeding.  Make me a Fan!

It makes sense for some people. I am working on a couple of them right now. One has a husband that is in the VA Home with dementia. She only receives her social security income; no spousal support as the VA home gets her husband's income. She wants a few thousand upfront to pay off a credit card and for a wheelchair ramp tp her home then about $300 per month after that. Her only child died 8 years ago. She owns the home free and clear.

The other one owns her home as well but it needs a lot of repairs. Her son can do the repairs but she needs the funds for materials. 

They absolutely can be beneficial to some but, it's one of those 'it depends' upon the situation!

Excellent products for the correct situations.

I think they have merit in the right circumstances.

I agree with Kathleen, it depends on the needs of a homeowner. For some elder clients it can be the only solution. 

Depends on the goals of home owner and or purchaser 

Depends on the individuals situation.

Nathan,

It would be nice for some of our mortgage experts to pipe in.  From our standpoint it depends on the situation.  A

I tend to not think they're such a great idea. I hate to see people equity position go down and down. But.....I can imagine there are times when folks have no other choice so to have the option is good.

Maybe as a last Resort, not a big fan at all !!

Not a fan if other options available. Upfront fees are excessive for the benefit derived! 

Not a fan.

I haven't had occasion to use them or recommend them yet... in some circumstances I can see a value Nathan Gesner 

A reverse mortgage can be a useful tool with an existing home or in the purchase of a new home.  The main thing, as with anything, is that it is properly and thoroughly explained so the client fully understands the pros and cons and can make an informed decision. 

I should be a fan but have not mention them to anyone.

I'm not a fan of them.  I know there is more to them than just the predatory stuff, but generally we don't need them in a purchase out here.

I do not have children so it would work for me since when my husband and I are gone we have no one to leave our properties to and don't care after we take our long dark nap

I can also see how others should NOT use the option - so it depends on the individual

Don't know enough about them...

There is a large movement for Seniors who want to age in place and this option can help them do just that.  Its expensive, but so is selling and moving. 

NOT

Nathan Gesner - about time for me to check.....

Not a big fan

I think it's circumstance dependent.  Single person with no heirs it's a great option.  Mother with child living in the home who is going to get booted out unless child qualifies to re-fi... not so much.  I've seen it be a good idea and a horrible thing.

I can see they have a purpose that will help some homeowners. I have never had a client opt to do that. I have sold some homes that had reverse mortgages on them that had to be cleared.

Great for the many who want to prey on the elderly, and generally a shock to the kids when they find out.

For many it is the right way to go . It depends on the person and their situation Nathan Gesner  for many seniors it is the way to go . I have a neighbor who has one . It gives her financial security and peace of mind .

So agree with Ken Jones it's like anything else..its not appropriate for everyone.

My experience was not good

I am a fan but it has to be a good fit for the person. If their needs are such it can be a home saver. If they have other options, i would explore those too. ,

John Meussner said it well!

I'm not a fan and have first hand experience.  They get senior citizens to sign up for this type of loan and encourage them to spend their house.  The heirs need to pay off the loan and can't rent it out while it has a reverse mortgage on it.  They won't let the new owner refinace so it has to be sold or refinanced.  The mortgage company has all of the rights to the home and can even change the locks.  It would be great for someone without any heirs and doesn't want to leave anything to anyone.

Fan ! if SS tanks there will be more !

As most have said, it depends on the situation.  But generally, no.

Not a fan, but i've seen them work for a small % of people. Each case is different.

For some whose choices take them there...so be it otherwise NO to this...

Not a fan. Mainly due to the costs. I feel the program is ripping the clients who are in need of most help.

Way too many scams. Unable to discriminate legit from scammers....

Don't know anything about them and not sure how they work... but I would think if you take money from the equity in your home, there's going to be a high percentage rate of repayment when you sell your home...

Like every available product there is a place for them. I think they are complicated. I had one older gentleman client not truly know what he had gotten into and when he wanted to sell his house in the midwest and move to Boise he couldn't because of the complicated nature of his reverse mortgage. It was a weird, messy situation. But, I have another client who has a very good situation going with their reverse mortgage. I also currently have some buyers who are interested in a house that is a reverse mortage potential short sale, owners are deceased and children trustees are dealing with it all. Another huge mess..I guess I personally don't see the huge benefit to them, but I am sure circumstantially there are times they are worthwhile for people.-Kasey

It depends on the specific situation.