Brand new to the HECM reverse mortgage? No problem! We’ll get you up to speed on the basics of how a reverse mortgage works. We’ll also cover common myths and misconceptions and situations where a reverse mortgage make not make sense.
Are reverse mortgages bad? Some accountants, attorneys, and financial advisors think so. Are they correct? If so, why are reverse mortgages a bad idea? I once chatted with a retired woman named June (not her real name) who had a free and clear home, was living on a $1,300 Social Security check, and had no … Read More >>
A reverse mortgage is a great tool for converting home equity into cash, but it’s not always the right fit. If it’s not right for you, there are alternatives to a reverse mortgage that can still help you achieve your financial goals. I’ve talked to and worked with hundreds of seniors over the years to … Read More >>
ChatGPT has been in the news quite a bit recently, so I thought I would interview him (or her? or it?) on the topic of reverse mortgages. We had a fascinating discussion about reverse mortgages and a few less than hard-hitting topics I threw in for fun. The responses were less than accurate at times, … Read More >>
When I was a young boy, my parents took my brother and I on a vacation. I was pretty little, so I don’t remember much about the trip. I know we traveled on an airplane, but I have no recollection of where we went, what we did, or who we saw. What I do remember, … Read More >>
Nobody likes nasty surprises when they’re already committed to something. Are there any lurking surprises that can force repayment of your reverse mortgage when it reaches a certain balance? Do you need to worry about your balance hitting a reverse mortgage limit? I haven’t seen this question for a while, but it’s come up several … Read More >>
Many seniors have the impression that reverse mortgages are expensive – mainly because of the closing costs. Yes, depending on the scenario, reverse mortgage closing costs can sometimes be pricey, but not always. Regardless of what the closing costs are, the overall cost of a reverse mortgage is often comparable to other common retirement and … Read More >>
I’ve chatted with many seniors over the years who believed that a HELOC is a better option than a reverse mortgage for cash in retirement. Many seniors take HELOCs instead of reverse mortgages at the recommendation of well-meaning CPAs, attorneys, financial advisers, and relatives. Unfortunately, this is often a mistake. HELOCs are a great loan … Read More >>
The reverse mortgage is a fantastic financial product, but there are some situations where it’s best avoided. Though I’ve made a living doing reverse mortgages, I will freely acknowledge that a reverse mortgage is not always the right financial solution. If I believe a reverse mortgage will benefit you, yes, I’m going to do my … Read More >>
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 … Read More >>