Elderly Turn to Reverse Mortgages Despite Pitfalls

"A growing number of older Americans are securing reverse mortgages according to Home Equity Conversion Mortgage (HECM) data recently released by the U.S Department of Housing and Urban Development. Brokers of these types of mortgages, such as Golden Gateway Financial, say this product is a necessary step to increase borrower cash flow in retirement or to avoid financial troubles, however asset managers are voicing concerns."