The straight deal on the HECM reverse mortgage from an industry insider.
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How much cash can you get?
January 16, 2019Like any financial product, there are some pros and cons of a reverse mortgage that can make it a great option for some seniors and a less than great option for others. A HECM reverse mortgage isn’t necessarily the perfect solution for everybody, but for those that it ... Read More >
January 6, 2019Accountants and financial advisers beware, this case study might freak you out a bit. What if I said that a couple chose to drain their $80,000 IRA to get a reverse mortgage? Say what?? Gut an IRA to get a reverse mortgage? Were they nuts? It might sound ... Read More >
January 4, 2019The reverse mortgage is a hugely misunderstood mortgage product. Even financially savvy people like attorneys, CPAs, and financial advisors often have it wrong about reverse mortgages. I’ve helped hundreds of seniors over the years get reverse mortgages and I think I’ve heard just about every myth and ... Read More >
December 23, 2018Many seniors will soon have significantly more cash available through a HECM reverse mortgage. As of January 1, 2019, the HECM lending limit will be increased by FHA to $726,525 from the current limit of $679,650. FHA periodically updates the lending limit to reflect prevailing home values ... Read More >
December 10, 2018What do you think it’s like to be in your late eighties, in declining health, without a dime in the bank, and facing foreclosure? I had the chance to find out when I chatted with a woman in this exact situation. Folks, I’ll tell you, it isn’t fun. ... Read More >
November 26, 2018A lot of retired seniors are flushing their hard-earned income and assets down the drain. Are you one of them? If you’re like many seniors, you might have refinanced your mortgage in the past few years to take advantage of low interest rates. You may also have ... Read More >
October 10, 2018If you’re not familiar with the term sequence risk, you definitely should be. It’s a potentially devastating lurking danger that can completely swamp an otherwise solid retirement plan. Brian Davis wrote a great article over at Bigger Pockets on this topic a while back and I’d like to ... Read More >
October 2, 2018What if I said there was a way to turn a large portion of your home’s equity into a liquid and tax-free retirement account that grows larger over time? Would you believe me? If not, I wouldn’t hold it against you at all! What I want to show you ... Read More >
July 20, 2018So, how does a reverse mortgage work when you die? This is a very common question from seniors considering a reverse mortgage. Many seniors want to know what happens to their home after they pass away and who gets the equity in the home. Others are concerned ... Read More >
May 5, 2018I’m sure you’ve seen the commercials on TV with famous pitchmen extolling the virtues of reverse mortgages. They make reverse mortgages sound pretty good, right? So, what is the downside of reverse mortgages? What are some possible pitfalls you need to look out for? The HECM reverse ... Read More >