INFOGRAPHIC: Is a HECM or HELOC Better for Your Retirement Funding Needs?

Share This Infographic If you would like to share this infographic on your site, feel free! Simply copy the code below and provide attribution back to this site. Please include attribution to MyHECM.com with this graphic. HECM vs HELOC: Which Makes More Sense In Retirement? A HELOC is a good financial tool, but only for a right purpose. A HELOC can be a ticking time bomb for seniors who try to … Read More…

Case Study: How One Couple Wiped Out Debt Payments, Extended the Life of their Savings, and Eliminated Financial Stress

Credit Cards

Fred and Gina Mason, both 79, live in Reno, Nevada and have been retired for a number of years. Fred was an insurance agent for over thirty years and Gina worked as a school teacher for a local private school. They enjoy spending time with their grandchildren and taking the occasional trip, but their budget is tight and they don’t have a lot of extra money at the end of … Read More…

Can You Get Out of a Reverse Mortgage?

Can you get out of a reverse mortgage?

Can you get out of a reverse mortgage any time you like? The short answer is yes! However, there are a few things you may want to consider before doing so. Unless you’re selling your home, there probably aren’t too many scenarios where it would make sense to pay off a reverse mortgage early. But before I get into that, let me first go over what a HECM reverse mortgage is. There … Read More…

4 Reasons a Reverse Mortgage May Not Be Available to You in the Future

Why a Reverse Mortgage May Not Be Available in the Future

If you can benefit from a reverse mortgage today, it might be a good idea to take advantage of it today – even if you feel like you don’t need the money right now. A reverse mortgage can serve as an additional financial “insurance policy” that protects you against life’s “what ifs”. I can’t tell you how many clients I’ve talked to who have been hit out of the blue with big unexpected expenses … Read More…

Marketwatch: Consider a Reverse Mortgage to Cut Taxes in Retirement

Consider a Reverse Mortgage to Cut Taxes in Retirement

Though the HECM reverse mortgage has been around for a long time, it’s only in more recent years that reputable media sources and financial advisers have started to recognize the potential benefits of a reverse mortgage for many retirees. No longer is it a financial tool only for the needy and desperate (though it can often help such people), it also can be very beneficial for people who are more well off. … Read More…

Are You Throwing Money Down a Rat Hole?

Are you throwing money down a rat hole?

Are you retired (or nearly retired) and still making mortgage payments? If so, is that what you envisioned for your retirement? Was it your plan from the beginning to make mortgage payments for the rest of your life? For most people, probably not. But we all know that life happens: health issues come up that force you to retire early, you get hit with unexpected medical bills, the stock market crashes and … Read More…

Reverse Mortgage Non-Borrowing Spouses Under 62 Get Important New Protections

Non Borrowing Spouses

The Department of Housing and Urban Development (HUD) made important changes to the HECM reverse mortgage program in April 2014 to better protect non-borrowing spouses under the age of 62. Prior to the change, only borrowers over the age of 62 could be on the reverse mortgage and on title to the home, which created some big potential pitfalls if the older spouse passed away. If the older spouse died, it … Read More…

Will I Lose All of My Equity If I Get a Reverse Mortgage?

Will I Lose All My Equity

One of the big HECM reverse mortgage disadvantages you may hear in the news media or read about online is that a reverse mortgage uses up the equity in your home quickly. Though this is a valid concern, it’s likely that a reverse mortgage won’t use up your equity as fast as you think. In fact, it may never use up anywhere close to all of the equity in your home; it just depends on what happens to … Read More…

Case Study: How a Reverse Mortgage Helped One Woman Reclaim Her Dream of Traveling

Senior Woman Traveling

Nancy, 65, loved to travel and has been on many exciting trips throughout north and central America. During her working years she dreamed of a time in her life when she would be able to retire and really pursue her passion for exploring new places. Unfortunately, since retiring, she hasn’t been able to do many of the fun trips she’d been planning because of $35,000 in credit card bills that had accumulated from caring for her … Read More…

Are Reverse Mortgage Fees Really High?

Reverse Mortgage Fees

One of the big HECM reverse mortgage disadvantages you may hear in the news media or read about online is the high fees. Yes, the fees can be high, but it doesn’t mean they always are. As with many things reported on in the media, there’s a little more nuance to the issue than the headlines would imply. What Are the Fees to Get a Reverse Mortgage? Like any mortgage product, there are … Read More…