Warning: Declaration of TCB_Menu_Walker::walk($elements, $max_depth) should be compatible with Walker::walk($elements, $max_depth, ...$args) in /home/myhecm61/public_html/wp-content/plugins/thrive-visual-editor/inc/classes/class-tcb-menu-walker.php on line 0
Reverse Mortgage Blog - MyHECM.com - The Straight Deal on the HECM Reverse Mortgage From An Industry Expert

Is a Reverse Mortgage Only for Broke and Desperate People?

Is a reverse mortgage only for broke and desperate people? Many people seem to think so, but I respectfully disagree. A reverse mortgage can sometimes help broke and desperate people, but often it can’t. The reason? You have to qualify for a reverse mortgage. Your income and credit must meet certain standards or you won’t be eligible for a reverse mortgage. I would argue that a reverse mortgage is best … Read More…

So You’ve Paid Off Your Mortgage. Great! Now Here’s the Problem…

So You've Paid Off Your Mortgage

So you’ve paid off your house and are headed for a mortgage-free retirement. Fantastic! Retiring without a mortgage payment means you can more easily live on a lower retirement income and preserve your retirement savings for longer. Though retiring mortgage-free is a great accomplishment, it comes with a potentially big problem. And I’m not referring to the “problem” of losing your mortgage interest deduction. Let me explain. An Unusable Asset According to US … Read More…

Setting the Record Straight on the HECM Reverse Mortgage

Reverse Mortgage Kirchhoever Ogden Standard-Examiner Annoying Article

I recently ran across a somewhat annoying article written by Utah real estate agent Jen Kirchhoefer in the Ogden Standard-Examiner. Like many articles written by people with little reverse mortgage experience, it was filled with inaccuracies. The inaccuracies themselves didn’t bother me because I’ve come to expect them from media outlets. Reverse mortgages have been highly misunderstood for a long time. Even well-meaning journalists who do their homework commonly get … Read More…

Should I Get a Reverse Mortgage Now or Wait?

HECM Reverse Mortgage Line of Credit Jack

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 to use the reverse mortgage as an “insurance policy” to protect against the financial risk … Read More…

Yes, A Reverse Mortgage Can Be Life Changing

A

Imagine it’s Christmas Day and you’re sitting on the sofa in the living room of your son’s house. A beautiful Christmas tree covered with ornaments and bright lights stands in the corner. The turkey baking in the oven fills the air with warm and delicious smells. Your favorite people in the whole world – your children and grandchildren – are sitting around the room and laughing and chatting and enjoying … Read More…

Does Your Financial Plan Include “Retirement Insurance”?

The HECM as Retirement Insurance

Does your financial plan include “retirement insurance”? I’m guessing you’ve never heard of such a thing, right? The term is sometimes used to refer to Social Security or insurance products that target retirees, but that’s not what I’m referring to here. There is no insurance product called “retirement insurance”, but there is a strategy that can serve as a “retirement insurance” of sorts. When used prudently as part of a … Read More…

A HECM Line of Credit Example

A HECM Line of Credit Example

The HECM reverse mortgage line of credit is a great financial tool for many seniors. If you owe little to nothing on your home, the HECM line of credit can turn a portion of your home’s value into a tax-free retirement “account” that will grow larger over time. Let me show you how with a HECM line of credit example. But before we do that, let’s first cover a few … Read More…

The One Simple Question That Could Get You Thousands More From a Reverse Mortgage

The One Simple Question HECM Reverse Mortgage

What if I told you there was one simple question that could net you thousands (or maybe tens of thousands) more from a reverse mortgage. Would you want to learn more? If so, read on! Now, before I fill you in on what this question is, let me cover a few basics first. If you want to be a savvy reverse mortgage shopper, it’s essential that you understand how the … Read More…

How Much Equity Do You Have to Have to Qualify for a Reverse Mortgage?

How Much Equity Do You Have to Have to Qualify for a Reverse Mortgage?

How much equity do you have to have to qualify for a reverse mortgage? Great question! The answer is: it depends! There’s no set amount that everybody qualifies for, so there’s no set amount of equity you need to make a reverse mortgage workable. How much you qualify for depends on several factors, including your home’s value, age of the youngest borrower, current interest rates, the program you select (variable-rate … Read More…