The Benefits and Pitfalls of Reverse Mortgages

KPBS | By KPBS Public Broadcasting

Published August 14, 2008 at 6:47 AM PDT

This story was published more than 16 years ago.

The topic of reverse mortgages has been in the news a lot lately. As more baby boomers enter retirement age, the interest in reverse mortgages is increasing. While reverse mortgages can offer a grea

Audio will be posted in the afternoon.

Alan Ray: As baby boomers get closer to retirement, they often find that most of their net worth is locked in their homes. They could sell, but that's not a good idea in a "down" real estate market that might not revive for years. And, even if they did sell, they'd need some place to live.

Become a KPBS sponsor

One alternative might be what's called a reverse mortgage which allows a person to take the money and not run.

Golden Equity Mortgage will host a free Informational Housing Expo tonight from 6 to 9pm at the Scottish Rite Event Center in Mission Valley.

Guest

Colleen Moore, president of Golden Equity Mortgage .
Barbara Stuki, director of the home equity and reverse mortgage initiative for the National Council on Aging .