What if I told you there was one simple question that could get you thousands (or maybe tens of thousands) of dollars more from a reverse mortgage? Would you want to find out more? If so, read on! Now, before I fill you in on what this question is, I need to lay some groundwork. Even if you’re familiar with reverse mortgages, resist the urge to skip ahead to the … Read More…
Download The Reverse Mortgage Revealed for FREE June 8-11 on the Amazon Kindle or Kindle app. A paperback version is available as well. I hugely value your feedback, so please leave an honest review on Amazon. Once you’ve left a review, please email me at mroberts@myhecm.com and I’ll send you three more case studies for free. Thank you! It’s taken a lot of work (and more time than anticipated), but … Read More…
The reverse mortgage is a fantastic financial tool, but it’s not perfect for everybody. Is it right (or wrong) for you? Author Mike Roberts is the founder of MyHECM.com and a successful veteran of the reverse mortgage industry. Writing in plain language, Roberts cuts through all the nonsense, rumors, and hype you may have heard about reverse mortgages. There are no sales pitches here! Just the inside scoop about how … Read More…
It’s a crazy world out there right now. Entire nations locked down, people confined to their homes, the stock market crashing (then rebounding), businesses shut down, and unemployment rising. If there’s one silver lining in all of the craziness, it’s falling mortgage rates. According to the Freddie Mac Primary Mortgage Market Survey, average 30-year fixed interest rates fell from 3.72% on January 2, 2020 to 3.23% on April 30, 2020. … Read More…
What do you think it’s like to be in your late eighties, in declining health, without a dime in the bank, and facing foreclosure? I had the chance to find out when I chatted with a woman in this exact situation. Folks, I’ll tell you, it isn’t fun. This woman, who we’ll call Norma, was 88, if I remember correctly. Her husband, who we’ll call Fred, was just a few years … Read More…
FHA has increased the HECM lending limit to $765,600 for HECMs with case numbers assigned on or after January 1, 2020. This is the fourth annual increase in a row and reflects the continuing trend of rising home values across the nation. The new lending limit applies to the entire U.S., including Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Note that our HECM calculators have already been updated to … Read More…
In a recent post, I addressed the common perception that a reverse mortgage is only for broke and desperate people. I’ve talked with many seniors over the years who were embarrassed about looking into a reverse mortgage. Some went to almost comical lengths to explain that they weren’t desperate and broke and didn’t really need it. They were just looking into it because they were “curious”. Amusingly, some even tried … Read More…
If you’re not familiar with the term sequence risk, you definitely should be. It’s a potentially devastating lurking danger that can completely swamp an otherwise solid retirement plan. Brian Davis wrote a great article over at Bigger Pockets on this topic a while back and I’d like to build on what he wrote. If you haven’t read his article yet, you may want to now. I’ll hang tight until you get … Read More…
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 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…