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The Golden Years, in reverse

Traveling retirees' home serves as financial cushion
Published on Mar 18, 2010

What many people have now -- house, lifestyle, neighborhood, friends, church, clubs -- is exactly what they'd like to keep. Unfortunately, many older folks simply don't know how or where to look to find the funds that would allow them to maintain the status quo. The immediate need for seniors now is supplementing the income to provide the standard of living they desire. In the past, the typical reverse mortgage was taken out by a single woman, 75, who needed funds to fix up her home so she could comfortably age in place. Reverse mortgages now are also being used to support a more well-to-do routine. For example, Frank Williams, 77, and his wife, Carla, own 35 weeks of timeshares each year in five different timeshare systems. They work points, bonus time and favored status like some people work airline miles. They know how to successfully maneuver through each different organization to gain the maximum overall benefit. They are actively filling in their timeshare schedule in...

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