As we all continue to grow older, more and more people are finding out they didn’t do a very good job of preparing for the later years of life when it’s harder to come by the money to live on, especially if there’s little to no retirement savings to count on or a pension to fall back on.
Berrien County Treasurer Bret Witkowski says that as he helps people with payment plans on delinquent taxes in order to avoid foreclosure, he frequently gets asked about the concept of the “reverse mortgage.” Many older folks, particularly Baby Boomers, are setting aside work with little to nothing in the bank to continue to live off of, and they are increasingly in search of information on the reverse mortgage concept, but often have little to no grasp of the advantages or consequences taking part in one might bring to the table.
So, Witkowski himself will bring the issue to the table to help Berrien County Seniors Citizens and family members to better understand the Pros and Cons of Reverse Mortgages. He tells us he will be offering a forum on the matter on Wednesday, October 16th from 6:00-7:00 pm at the County Administration building located at 701 Main Street in St. Joseph as a learning opportunity.
He himself has been investigating the ups and downs of the reverse mortgage which is essentially a loan that allows one to turn some of the equity in a home into actual cash. The concept has become quite attractive to a number of older Americans who own their homes outright, but simply don’t have the cashflow to manage the day to day expenses of living. One of the downsides is the reverse mortgage industry has found itself from time to time in the middle of charges that they are predatory in nature.
As Witkowski continues to take questions from seniors struggling to make ends meet, he decided to research the data and prepare his open forum to answer questions to help in the decision making process.
He’ll point out both the pros and cons of such a concept and how to avoid costly pitfalls or dangerous outcomes that threaten a seniors financial stability into the future.
If you find yourself among those contemplating a reverse mortgage, the Treasurer’s forum might be of considerable help in arriving at a confident decision to either take one on or pass for now. Put it on your calendar.