The internet is changing the home loan industry, for sure. It's getting easier to apply and complete the mortgage process all online -- but shopping real-life mortgage rates and home loan lenders online is harder than it looks.
A reverse mortgage is a viable proposition for homeowners age 62 and over. It allows them to access their available home equity while still holding the title to their home. The extra income can be used as the borrower sees fit, from remodels to medical bills or just to meet monthly obligations.
If we're looking for an economic rising tide to carry all our boats, I don't see it locally just yet. I see the holes in leaking vessels being plugged, while those onboard are still carrying excess weight.
The impermanence of property is the universal lesson behind the Jewish observance of Sukkot, which begins tonight. We largely move out of our homes into temporary homes and shelter called 'sukkas.' The message: never rely on money or property but on G-d alone for permanence.
I am firmly convinced that until the rest of us adopt a "we're in this together" attitude and press our elected officials to slow down foreclosures and speed up hiring, home values will keep falling and businesses will keep failing.