![]() If a homeowner passes away without also having the reverse mortgage in their spouse’s name, the surviving spouse could lose the home.Misleading advertisements that feature trusted celebrity spokespeople, like former-Senator Fred Thompson, Henry Winkler, Robert Wagner, and Pat Boone, often falsely imply that reverse mortgages are a government benefit, not a loan, and that there is not a risk that seniors will lose their home.In 2009, the number of reverse mortgages peaked at 114,412 loans, in fiscal year 2013 the Federal Housing Administration (FHA) backed 61,296 loans. In the 1990s, less than 10,000 reverse mortgages were issued a year.By 2010, that number dropped to just 19 percent. In 1983, 62 percent of private sector workers were covered by a defined benefit pension plan. ![]() The decline in pensions, the economic recession, cost-of-living adjustments that don’t keep pace with the rising cost of health care, and increasing life expectancy have encouraged seniors to seek alternative ways to supplement their retirement income. ![]() Forcing the Treasury Department to transfer $1.7 billion to the MMI Fund for the first time in the Fund’s history in the fall of 2013.
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