Pros and Cons of a Reverse Mortgage

Pros and Cons of a HECM Reverse Mortgage

Like any financial product, there are some pros and cons of a reverse mortgage that can make it a great option for some seniors and a less than great option for others. A HECM reverse mortgage isn’t necessarily the perfect solution for everybody, but for those that it is, it can be a fantastic option. Whether … Read More >>

How does a reverse mortgage work when you die?

How Does a Reverse Mortgage Work When You Die?

So, how does a reverse mortgage work when you die? This is a very common question from seniors considering a reverse mortgage. Many seniors want to know what happens to their home after they pass away and who gets the equity in the home. Others are concerned about the reverse mortgage creating hassles and headaches … Read More >>

What Does HECM Stand For?

What Does HECM Stand For?

You’ve probably seen the television commercials with Henry Winkler or Tom Selleck, right?  So you might be asking, what does HECM stand for anyway? The acronym HECM (often pronounced heck-um by industry insiders) stands for home equity conversion mortgage, which is the most common reverse mortgage product available in the United States today. If anybody … Read More >>

Will I Lose All My Equity

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

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 … Read More >>

Reverse Mortgage Fees

Are Reverse Mortgage Fees Really High?

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. … Read More >>

How to Finance Home Improvements With a Reverse Mortgage

How to Finance Home Improvements With a HECM Reverse Mortgage

If you’re 62 or older, a HECM reverse mortgage is a fantastic tool for financing home improvements because it doesn’t require a monthly payment and you don’t have to pay the money back for as long as you live in the home. No other home loan program out there offers that. Your obligation under the HECM program is … Read More >>