"We were comfortably well off, and we wanted to release some of the funds we had tied up in our home." – Mrs. Carolann Prast explaining why she and her husband took out a reverse mortgage on their home. – The Wall Street Journal 11/13/2007
I have become somewhat of an expert on reverse mortgages, not by any deep knowledge I have of the products but because so few people understand them at all. I recently told the Los Angeles Times:
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On a personal planning basis, when we think of saving for retirement we think of a small amount of money that builds and builds to a large amount which is finally withdrawn from in retirement years. But we seldom talk about the other side of the equation: what economists call human or individual capital.