League explains reverse mortgages

The Fairfield League of Women Voters is hosting a Brown Bag forum, “The Pros and Cons of Reverse Mortgages,” Thursday, Oct. 4, at 1 p.m. at the Fairfield Senior Center, 100 Mona Terrace.

Cindy Perham and Paul Rossitto from Atlantic Home Loans will discuss who might benefit, and who should look to alternative ways of financing their retirement.

“Reverse mortgage loans can be a useful part of retirement planning,” according to a press release from the League. “Advertisements can make it seem like the perfect solution, such as converting your equity in your home to cash and allowing you to remain in your home. However it could have hidden downsides such as high up-front costs and possible problems with lump-sum payout and Medicaid.”

The Fairfield LWV sponsors Brown Bag speakers each month. Events are free and open to the public, with beverages provided; attendees are welcome to take lunch.

Questions about the Fairfield League can be directed to [email protected]

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