Money: Is a Reverse Mortgage Right for You?
America is facing retirement crisis. People are not saving enough for retirement while, at the same time, they are living longer.
Fifty percent of men between 55 and 66, and 47 percent of women, have nothing saved for retirement, according to the U.S. Census.
Nighttime TV and cable airwaves are filled with celebrities pitching reverse mortgages as a solution. But many financial planners dislike them and will only recommend then as a last resort to cash-strapped clients.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
