The reverse mortgage book you've been waiting for is here! Get The Reverse Mortgage Revealed now on Amazon.com.

Home  > Reverse Mortgage 101

Reverse Mortgage 101

New to the HECM reverse mortgage? No problem! The articles linked below cover the basics, common myths and misconceptions, the history of the reverse mortgage, common terms, and case studies based on real-world scenarios.

HECM Reverse Mortgage 101

You’ve probably heard the rumors, but what is a reverse mortgage really? We’ll get you up to speed on the most important basics here.

Mystified by a reverse mortgage? We’ll cover how a HECM reverse mortgage really works. Learn the stuff most lenders don’t bother explaining to you.

The reverse mortgage is a highly misunderstood product. We’ll address the most common myths and misconceptions that you may have heard.

The reverse mortgage has been around longer than you may realize. Learn the history of the reverse mortgage and how it evolved into what we know today.

The reverse mortgage comes with a vocabulary all it’s own. Learn the most common terms and meanings with our reverse mortgage glossary.

The HECM reverse mortgage can impact your financial well being in a positive way. Learn how with these case studies based on real-world scenarios.

  • Reverse Mortgage Borrower Dies

    What Happens When a Reverse Mortgage Borrower Dies?

    What happens when a reverse mortgage borrower dies? Great question! This is probably one of the most common questions I hear from seniors investigating a reverse mortgage. Before we dig into the answer, let’s first cover a few basics about what a reverse mortgage …
    Read more...
  • Reverse Mortgage Age Requirement

    What is the Reverse Mortgage Age Requirement?

    A HECM reverse mortgage is a great mortgage program, but not everybody can get one. Yes, a reverse mortgage age requirement does apply. However, how it applies depends primary on the marital status of the borrowers applying for the program. Before I explain how the reverse …
    Read more...
  • Reverse Mortgage Age Limit

    What is the Reverse Mortgage Age Limit?

    A HECM reverse mortgage is a fantastic mortgage product, but it’s not available to everybody. Yes, a reverse mortgage age limit applies. However, how it applies depends mainly on the marital status of the borrowers involved.  Before I explain how the reverse mortgage …
    Read more...
  • Reverse Amortization Calculator

    Reverse Amortization Calculator (That Actually Works)

    Are you looking for a free and easy-to-use reverse amortization calculator? You’re definitely in the right place! MyHECM has probably one of the best reverse amortization calculators available online. If you’d like more information about how to use our reverse …
    Read more...
  • Reverse Mortgage Explained

    The Reverse Mortgage Explained: The Straight Deal From An Industry Expert &…

    This is part 2 of my article covering some of the basics about the HECM reverse mortgage. If you haven’t read part 1, you can find it here. Reverse Mortgage Closing Costs Like any mortgage product, there are closing costs that have to be paid to get the loan. Whether …
    Read more...
  • Reverse Mortgage Explained

    Reverse Mortgage Explained: The Straight Deal From An Industry Expert

    You’ve seen the TV ads or heard of friends who’ve gotten one, but you’ve never actually had the reverse mortgage explained to you. Well, you’re in the right place! This article is written by an experienced industry professional who will give you …
    Read more...
  • Reverse Mortgage Disadvantages

    Reverse Mortgage Disadvantages: The Straight Deal From An Industry Insider

    You’ve heard all the great things about the HECM reverse mortgage, but what are some reverse mortgage disadvantages? There has to be a catch, right? It can’t all be good, right ?? Though the reverse mortgage is a fantastic financial tool, it’s not …
    Read more...
  • Reverse Mortgage Line of Credit Growth

    The Super Cool Reverse Mortgage Line of Credit Growth Feature

    The reverse mortgage line of credit growth feature is probably one of the best aspects of the HECM reverse mortgage program. If you owe little to nothing on your home, the reverse mortgage line of credit growth feature can essentially turn a large chunk of your home’s …
    Read more...
  • Reverse Mortgage Insurance

    What is Reverse Mortgage Insurance and Why Is It Charged?

      Reverse mortgage insurance for the HECM program is designed to protect both borrower and lender if the home isn’t worth enough to settle the entire balance at the time the loan is due and payable. This insurance, which is assessed by FHA, is what enables the …
    Read more...
  • How Does a Purchase Money Reverse Mortgage Work?

    Purchase Money Reverse Mortgage: How to Buy a House With No Mortgage Paymen…

    As crazy as it might sound, it’s possible to finance a home purchase with no mortgage payment. How? With a purchase money reverse mortgage. Very few home buyers or realtors even know about this program, but if you’re at least 62 years of age, it could be a …
    Read more...
  • How to Find Out Current HECM Interest Rates?

    How to Find Out Current HECM Interest Rates

    The HECM reverse morgage industry is a relatively small niche of the broader mortgage industry, so it’s not quite as easy to find current HECM interest rates online as it is for traditional forward mortgages. That said, if you’d like to get a rough idea of …
    Read more...
  • Reverse Mortgage History

    An Overview of Reverse Mortgage History

    You may be surprised to learn that reverse mortgage history began as early as 1961 when the first reverse mortgage was issued by a Savings & Loan in Portland, ME. Various types of reverse mortgages have come and gone since then, but the most popular program today is the …
    Read more...
  • What is a HECM Reverse Mortgage?

    What is a HECM Reverse Mortgage?

    https://youtu.be/NkJiJC7SylU Updated 9/8/2020. You may have heard or seen the acronym in commercials or online, but what is a HECM exactly? How does it work? HECM (which is often pronounced heck-um by industry insiders) stands for Home Equity Conversion Mortgage, which is …
    Read more...
  • Reverse Mortgage Myths

    The Top 11 Reverse Mortgage Myths & Misconceptions

    An FHA-insured HECM reverse mortgage can be a great financial tool for the right candidate. However, many people never take advantage of one because of the rampant misinformation floating around about them. It’s not unusual for even reputable news and media outlets to …
    Read more...