Demand Continues For Reverse Mortgages During COVID-19 Pandemic
The demand for reverse mortgages is growing, as families realize how effective they can be in providing aid during the coronavirus pandemic. A recent reported pointed out one instance where a reverse mortgage helped one senior stay in her home.
"Stephen Harris was worried about his mother losing her home. Like most people, Ellen Harris’ retirement account has dropped significantly since the COVID-19 outbreak," according to WFSB.
"The best move for her was to look at the reverse mortgage program," said Stephen.
Mortgage lender John Luddy, who is working with the Harris family, said, "You can take monthly checks and you can put more money in the line of credit."