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	<title>Money magazine Comments - Why you need to take care before taking out a reverse mortgage</title>
	<description>Retirees who plan to draw on the equity in their home for a reverse mortgage need to run the numbers first, warns Effie Zahos.</description>
	<link>https://www.moneymag.com.au/feed/latest?story=141523697</link>
	<lastBuildDate>Fri, 07 Sep 2018 22:30:13 +1000</lastBuildDate>
	<pubDate>Fri, 07 Sep 2018 22:30:13 +1000</pubDate>
	<language>en-AU</language>
	<copyright>Copyright 2026 Money magazine</copyright>
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		<title>Money magazine Comments - Why you need to take care before taking out a reverse mortgage</title>
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		<title>Comment by David Wright  ()</title>
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<p><p>Seems rather odd to me Effie... You work a huge chunk of your life to eventually own your home and collect the title deed.<br>
The house is the goose that lays the golden eggs for the bank for maybe 20 or 30 years and finally YOU own it. It should be laying golden eggs for you now!!!<br>
BUT no, when you own the house (the very thing that provided the security) the bank wants you to give the title back to them and once again put you back into debt. That's a pretty one-sided equation!<br>
It seems to me that once you own the house you should be able say "OK now I own the goose that lays the golden eggs, someone else can pay me to use it's capacity to provide security".<br>
I might be a bit of a dreamer here, but surely it would be possible for some savvy business minded people to create a 'house bank' that allows home owners to 'rent their geese to the banks' as it were, rather than giving them back to the banks and having to pay for doing so!</p></p><p><a href="">Reply to article</a></p><p>For original story, <a href="">Click Here.</a></p>
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		<dc:creator>David Wright  ()</dc:creator>
		<pubDate>Fri, 07 Sep 2018 22:30:13 +1000</pubDate>
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