Sunday, Apr 27, 2008
COMING SOON, PENSIONS of the FUTURE KIND - REVERSE MORTGAGES
The Wall Street Journal: Reverse mortgages getting better
Tomorrow's reverse mortgage products also will be different, as will tomorrow's lenders, Johnson told the industry gathering. "Our one-size-fits-all product has worked in the past, and I'm proud of it. But it won't work in the future," he said. "We'll have products that target life stages, not just ageing, because borrowers' requirements change as they age so they can have the lifestyles they want. They're looking for a lot more than just reverse mortgages."
Posted by yoyo1 @ 03:19 PM (608 views) Add Comment
5 Comments
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1. yoyo1 said...
Must be some problems at their end. The link is very slow but it does eventually get to something similar.
2. jack c said...
UK equivalent of Equity Release plan or am I missing something here?
3. yoyo1 said...
Jack c
I thought it looked like skiing at first but this seems to have a new twist in the way that it is being marketed. They don't give any exact details just hints that the next generation of mortgage product will be different.
4. An Bearin Bui said...
I love the BTL-er mentioned at the end of the article who's trying to get his solar energy installation costs paid for by his tenants! He's 'concerned' about the rentability of the house(s) due to higher fuel bills but thinks that as his tenants ultimately benefit then they should share the costs of installation with him. I hope his tenants tell him to take a hike... he'll benefit entirely from any capital gains so he should entirely bear any capital costs, end of story.
5. scandinavian pessimist said...
jack,
I guess the advantage over equity release is that a reverse mortgage is fixed and independent of future houseprice inflation. Also, because it generates a steady and predictable income, there could be tax advantages over the big lump sums typically being paid out from equity releases. All in all, I have to say it seems like a pretty scheme.