A reverse mortgage as a financial planning tool

Reverse mortgages, which reportedly have been in use since Deering Savings & Loan issued one to Nellie Young of Portland, Maine, in 1961, have long been viewed with suspicion. Evoking images of late-night infomercials and disreputable loan agencies, the reverse mortgage is the product of last resort for many CPA financial planners.

But while detractors characterize reverse mortgages as a quick fix that decreases borrowers’ net worth and the value of their estate, traps them in their homes for the