At a time when the economy was booming – 1993 – a survey was conducted by the Urban Institute which showed that as many as 1.9 million seniors in America found themselves in such dire economic circumstances that they were having to choose between buying food or medication. As you can imagine, with today’s economy, seniors are finding it harder than ever to make it on their own.

According to Dave Parker, who is a Phoenix Loan Officer working primarily with reverse mortgages, specifically with seniors, “More and more, lending institutions found retirees unable to make their mortgage payments. As medical expenses and inflation hit, selling their home seemed the only option. As a cash-flow solution and to help seniors remain in their homes, lenders created the reverse mortgage loan.”

Congress stepped in to regulate the trade of reverse mortgages and to establish a government-insured version of this …