Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
Reverse Mortgages: A Financial Planning Device For The Elderly, 1 Elder L.J. 75 (1993), Celeste M. Hammond
Reverse Mortgages: A Financial Planning Device For The Elderly, 1 Elder L.J. 75 (1993), Celeste M. Hammond
UIC Law Open Access Faculty Scholarship
An analysis of the merits of reverse mortgages from individual and public policy perspectives is the subject of Professor Hammond's article. She argues that the elderly's typical "house rich, but cash poor" problem warrants approval of a method which allows the elderly to tap their home equity for income purposes while allowing them to remain in their homes. Professor Hammond analyzes other means for tapping equity and finds each lacking in its ability to accomplish the stated goal. She also describes the three types of reverse mortgages currently available. Finally, Professor Hammond sets forth a list of legal issues that …