Borrowers control risks associated with reverse mortgages

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Q: "It seems to me that you are writing a lot about reverse mortgages recently ... is the subject really worth the time you are spending on it?" A: I think so. I view the home equity conversion mortgage (HECM) program as an important, if partial, solution to a critical problem: an increasing concern among people looking ahead that their living standards won't be maintained after they stop working. The Pew Research Center has found that between 2002 and 2011, the percent of adults who said that they will not have enough money to live "comfortably" in retirement rose from 32 percent to 53 percent. Among adults in the 55 to 64 age bracket, the percent who are "not too" or "not at all" confident they will have enough to live on in retirement rose from 26 percent in 2009 to 39 percent in 2012. This growing concern is well-founded. The Center for Retirement Research at Boston College has developed and maintains a "National Retir...