Understanding Reverse Mortgages ? What every Senior Citizen should know
?Understanding Reverse Mortgages? was a panel discussion hosted by the Barbados Association of Retired Persons (BARP), and everyone agrees it was a resounding success. Scores of persons packed the lecture hall of the University of West Indies to hear expert panelists speak on the benefits of this financial concept and to have their queries answered.
Opening remarks made by the President of BARP Mr. Ernest Batson, highlighted the purpose of the Lecture was to educate the association?s members on the topic with a view to create consumer demand and influence financial institutions to offer these mortgages.
The panelists comprised of Mr. Tony Marshall, former Banker and talk show host; Mr. Warrick Ward, Chief Executive Officer of Barbados Deposit Insurance Corporation; and Mr. Peter Lamb Senior Manager Consultant Life Division of I.C.B. who fielded questions from an enthusiastic audience. The panelists stressed one goal of the lecture was to dispel the myth that Reverse Mortgages equated to ?giving your home to the bank?, but rather that it was a way for homeowners to benefit from equity in their homes and meet living expenses while still alive. Equally emphasized was that it was an option that might not be suitable for everyone. The panelists explained Reverse Mortgages were a mechanism of social policy which relieves government of some of the costs of taking care of its senior citizens.
After the spirited discussion, BARP member Mr. George Johnson in his closing comments stated that ?Reverse Mortgages? while new to Barbados, was already successfully offered in the United States.
BARP is especially pleased by the public?s response, and will continue to stimulate interest in Reverse Mortgages in hopes of making it a viable option for senior homeowners.