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Article: Push to revive reverse mortgage
- Article from:
- Chicago Sun-Times
- Article date:
- September 10, 1999
- Author:
CopyrightCopyright 1999 Chicago Sun-Times. (Hide copyright information)
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Although the reverse mortgage concept was introduced in 1981 when
the Federal Home Loan Bank Board authorized the nation's savings and
loans to write them on an experimental basis, only a handful of
lenders across the nation today are offering these loans.
"The biggest problem with reverse mortgages today and as long as
this product has been around is convincing people that they won't
lose their homes," said Robert S. Camino, senior reverse mortgage
specialist for Cole Taylor Bank.
Camino reports that people are becoming increasingly aware of the
reverse mortgage product, but "unfortunately there is a great deal of
inaccurate information out there," he added.
With a reverse mortgage the ...