BRISTOL, Tenn. - Marketed through television advertisements featuring senior celebrities like Pat Boone, Robert Wagner and James Garner, reverse mortgages are becoming more and more popular across the nation.
But it is difficult to find local people who have chosen a reverse mortgage as an answer to their financial needs because their sense of pride keeps them from speaking publicly about it.
“They’re still very private,” said Joan Dawson, a reverse mortgage specialist with Wells Fargo’s Johnson City, Tenn., branch. “They feel they weren’t able to make ends meet with the funds they had.”
Such mortgages are looked down upon by people like retired Bristol Tennessee resident Robert Latham, who doesn’t think the financial arrangement is all it claims to be.
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