It can cost over $15,000 to take out one of these loans.
The financial model is now secure. For many seniors, it's the only way they can tap equity in their homes.
A lot of people went into retirement with pension funds and stock market investments that they thought would serve them toward the end. They've been in for some pretty rude awakenings.
A lot of people thought they were secure. Then, lo and behold, the pension plans go under, the market takes a downturn, and they're forced to look at their house as a more liquid asset.
We used to joke that more stories were written about reverse mortgages than loans originated.
