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.
What happens to a reverse mortgage after death? Do the heirs get left with a big mess to clean up? Does the bank end up getting the house? Many homeowners are (rightfully) concerned about the legacy they’ll leave as a result of getting a reverse mortgage. Fortunately, the reverse mortgage is designed with both the … 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 >>
The HECM reverse mortgage is a great retirement tool, but it’s not perfect for every financial situation. Like any product, it comes with pros and cons. In this article, we’ll cover the possible downside of reverse mortgages and potential pitfalls to watch out for. You’ve likely seen the TV commercials with famous pitchmen like Tom … 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 >>
In early 1942, the United States was at war with Japan. Lt. Colonel James “Jimmy” Doolittle had been given the responsibility of planning a raid to strike back at Japan for the Pearl Harbor attack. The bombing raid wasn’t expected to do a lot of physical damage, but it would boost American morale and strike … 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 >>
