So You’ve Paid Off Your Mortgage. Great! Now Here’s the Problem…

So You've Paid Off Your Mortgage

So you’ve paid off your house and are headed for a mortgage-free retirement. Fantastic! Retiring without a mortgage payment means you can more easily live on a lower retirement income and preserve your retirement savings for longer. Though retiring mortgage-free is a great accomplishment, it comes with a potentially big problem. And I’m not referring to the “problem” of losing your mortgage interest deduction. Let me explain. An Unusable Asset According to US … Read More…

Should I Get a Reverse Mortgage Now or Wait?

HECM Reverse Mortgage Line of Credit Jack

A man who I’ll call Jack contacted me about using a reverse mortgage to pay for future medical expenses. Jack made it clear from the get-go that he didn’t want a reverse mortgage now. He just wanted to explore some options and call back in five years to set it up then. Jack basically wanted to use the reverse mortgage as an “insurance policy” to protect against the financial risk … Read More…

FHA Reverse Mortgage Calculator

FHA Reverse Mortgage Calculator

Looking for an easy-to-use FHA reverse mortgage calculator? You’re definitely in the right place! We upgraded our FHA reverse mortgage calculators recently and they’re even better than ever. One calculator estimates proceeds for a traditional reverse mortgage (for a home you already own and live in) and the other calculates your down payment for a purchase reverse mortgage. Both calculators are fast and easy to use and don’t require any … Read More…

The 3 Biggest Reasons Not to Get a Reverse Mortgage

Reasons Not to Get a Reverse Mortgage

There’s no question a HECM reverse mortgage is a great financial tool. However, any good reverse mortgage professional will freely acknowledge that it’s not the right solution for absolutely everybody. There are some scenarios where a reverse mortgage might not make sense. Before we dig into some reasons not to get a reverse mortgage, let’s first go over what a reverse mortgage actually is. There’s a lot of misinformation out there, so I … Read More…

Retiring Without a Mortgage is a Total Bummer! Here’s Why (And It’s Probably Not What You Think).

Bummer Retire Without Mortgage

Would you think I was crazy if I said retiring without a mortgage is a total bummer? After all, who in their right mind wouldn’t love to retire with no mortgage payment? OK, so maybe I’m exaggerating a bit. Maybe it’s not a total bummer, but it’s a bummer nevertheless – and not for the reason you may think! First of all, let me say it’s very commendable to pay … Read More…

Reverse Mortgage Calculator Without Personal Information

Reverse Mortgage Calculator Without Personal Information

Looking for a great reverse mortgage calculator without personal information requirements? You’re in the right place! We recently rolled out two brand new upgraded reverse mortgage calculators. One calculator is for a traditional reverse mortgage (for a home you already own and live in) and the other is for reverse mortgage for purchase. Both calculators are easy-to-use and don’t require you to submit any contact information. Check out the calculators … Read More…

What Does the Ideal HECM Reverse Mortgage Candidate Look Like?

How the Smiths Used the HECM Reverse Mortgage

The HECM reverse mortgage is a fantastic home loan product, but it’s not the right solution for everybody (nor does everybody qualify, anyway). What does the ideal reverse mortgage candidate look like? Who is the program most ideally suited for? I’ve helped many seniors get reverse mortgages over the years and I’ve concluded that the ideal candidate fits one of two profiles.  But before I dig into what an ideal … Read More…

The Top 12 Reverse Mortgage Myths and Misconceptions

Reverse Mortgage Myths

The 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 misconception there is. I’d like to address the most common ones in this article. Note that the following refers to the home equity … Read More…

The Lurking Danger That Can Swamp Even a Solid Retirement Plan (and How You Can Avoid It)

Caution HECM Reverse Mortgage Sequence Risk

If 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 build on what he wrote. If you haven’t read his article yet, you may want to now. I’ll hang tight until you get … Read More…

What is the Downside of Reverse Mortgages?

Downside of Reverse Mortgages

I’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 mortgage is a great financial tool, but it’s not necessarily perfect for every person and financial situation. Like anything else, it has it’s pros … Read More…