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 if I was to say that you could substantially increase your available liquid retirement assets by tens or hundreds of thousands of dollars with a little paperwork and a few months worth of time? What would that mean for your retirement? What would that mean for your financial security? Believe it or not, it can be done, … Read More >>
The quality of your lifestyle in retirement is largely determined by your disposable income, or the income you have left over at the end of the month after all the mandatory monthly bills are paid. If you’re carrying a lot of debt, those payments could be holding you back from the lifestyle you really want. Many … Read More >>
The HECM reverse mortgage is an FHA-insured mortgage program designed to give seniors access to a large portion of the value of their home without having to take on a mortgage payment or give up ownership of the home. The reverse mortgage is a home loan, so it does come with some basic eligibility requirements: You must be 62 or older. … Read More >>
1/1/2021 UPDATE: In 2021, the reverse mortgage industry will be transitioning to the CMT index instead of the LIBOR. The LIBOR is to be phased out across all financial markets by the end of 2021. The variable-rate HECM is the most popular product in today’s reverse mortgage marketplace. It’s more flexible and customizable than it’s fixed-rate counterpart … Read More >>
There are two main FHA-insured reverse mortgage products, the fixed-rate HECM and the variable-rate HECM. The fixed-rate HECM is generally the less popular of the two because it isn’t as flexible and customizable as the variable-rate HECM, but it is still a great reverse mortgage option for many people. It comes with the security and predictability of an interest rate that never changes, but the … Read More >>
Reverse mortgages do a lot of good for a lot of people every day, but unfortunately you never hear about that in the media. What you do hear about are the rare horror stories where something goes wrong and somebody gets burned by a reverse mortgage, either because they abused or the lender misled them about … Read More >>