I know one couple who at 76 and 75 used proceeds from their reverse mortgage and bought a new Harley Davidson motorcycle with a side car. There are basically three types of people who get these loans. There are need-based borrowers, who need the money to supplement what they are getting. There are security borrowers, who are getting by but want to add a reserve to pay for such things as emergency repairs. And there are lifestyle borrowers, who are doing OK on their retirement income but want to add some discretionary income.
-Peter Bell
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