I recently had a discussion with a woman who works for a non-profit organization. Her role is to work with people who are seeking “affordable housing” and since many of those seekers do not own a home, she didn’t think my book, “Why A Reverse Mortgage?” was relevant to her work. However, I pointed out that many Reverse Mortgage borrowers live in homes with more bedrooms than they currently need and that many of them would like to have either more income, some help around the house, or both.
There are already organizations in the business of matching homeowners with boarders: Odd Couples Housing, Sunshine Home Share, and Silvernest come immediately to mind. While this might not be an option for all of this woman’s clients, it would certainly be an option for some of them. These services, which bring together homeowners with boarders, could relieve some of the demand on subsidized housing which typically have long wait lists. This is also a practical option for young people needing affordable housing as they work off student debt or adults of any age who are recovering from a life event such as a divorce or who have experienced an employment setback that caused a reduction in their income. For many of these boarders, this may the the solution they need to save money for a home of their own.
“Why A Reverse Mortgage?” describes many options to help people in addition to the senior homeowners who have a Reverse Mortgage. We need to get creative to address the issues of appropriate housing and my book provides some suggestions for how do to just that.
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