Call this home loan the last resort, not a ticket to a resort
Seniors don’t have to look farther than the TV or their own mailboxes to find somebody selling a way to dig out of trouble, or foreclosure, with a reverse mortgage.
And the marketing is going to get more intense.
Big players like Livonia-based Quicken Loans are moving into reverse mortgages as more baby boomers turn 62 and qualify for these complex home loans.
One service sells hot leads of seniors who are late with their mortgage payments. So if you’re a senior, brace yourself, some lender will tell you that your retirement nest egg includes the nest itself.