Several weeks ago, Lauren had a conversation with Buz Zeman of Housing Options Provided for the Elderly (HOPE), an organization that counsels seniors on mortgages and other housing issues. Buz said that he has had to devote much of his time lately to explaining reverse mortgages. Though this sort of loan is not new, it’s become increasingly popular in the midst of the economic downturn, and their nontraditional nature makes them especially confusing. We’ve broken down the discussion into several clips that describe how a reverse mortgage works and the issues surrounding them. We’ll be posting them over the next few days.
In this first video, Buz goes over the basics of a reverse mortgage, describing how they work and what makes them different.
Here Buz describes the cost structure of a reverse mortgage.
Next Buz talks about the principle trade-off of a reverse mortgage: money now or money left to heirs.
Check back over the week as we post additional insights from Buz regarding reverse mortgages.
From the Beacon’s Job Talk: GO! Network
Tue, Jan 26, 2010
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