Reverse Mortgage Blog

The Top 6 Misconceptions You May (Or May Not) Have Heard About Reverse Mortgages

Mike Roberts August 29, 2020

When I was a young boy, my parents took my brother and I on a vacation. I was pretty little, so I don’t remember much about the trip. I know we traveled on an airplane, but I have no recollection of where we went, what we did, or who we saw. What I do remember, however, is a passing moment on the trip home. It’s funny how the mind works, right? It often remembers insignificant things and forgets the more important details. I remember my mom telling me as we boarded the plane that we were “flying home”. I still…

What Does the Ideal HECM Reverse Mortgage Candidate Look Like?

Mike Roberts July 27, 2020

How the Smiths Used the HECM Reverse Mortgage

The HECM reverse mortgage is a fantastic home loan product. Though it can benefit seniors with a variety of financial goals and needs, what does the ideal reverse mortgage candidate look like? Who is the program most ideally suited for? I’ve helped hundreds of seniors get reverse mortgages over the years. Though a reverse mortgage can benefit seniors with a variety of financial goals and needs, I think it’s best suited for candidates that fit one of three profiles: Owes little to nothing on the home and doesn’t need the money right now. Has a big mortgage balance with many…

Dear Penny, I’d Like to Set the Record Straight on Reverse Mortgages

Mike Roberts July 13, 2020

Dear Penny I'd Like to Set the Record Straight on Reverse Mortgages

I have to admit I get a little annoyed at some of the articles and advice published in the media about reverse mortgages. Pundits and journalists generally mean well, but the advice they give is often based on the the rampant misinformation circulating about reverse mortgages. Case in point: a “Dear Penny” column that appeared in the Tampa Bay Times a while back. “Penny” is Robin Hartill of The Penny Hoarder. Like many commentators, she means well, but her advice about reverse mortgages is misinformed and misguided and I’d like to set the record straight. I freely acknowledge that a…

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

Mike Roberts June 23, 2020

One Simple Question to Get More Money From a Reverse Mortgage

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 question. It’s important to understand a few basics so you can take the fullest advantage of the question I’ll cover shortly. A few reverse mortgage basics The most popular reverse…

Download The Reverse Mortgage Revealed for FREE (June 8-11 Only) on the Amazon Kindle

Mike Roberts May 30, 2020

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 The Reverse Mortgage Revealed is complete and available on Amazon as a paperback or FREE download for the Kindle or Kindle app (June 8-11 only). Woohoo! I want to offer…

Available June 1, 2020: The Reverse Mortgage Revealed

Mike Roberts May 20, 2020

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 a reverse mortgage really works. This book is jam-packed with information and insights that only an experienced industry professional can offer. You’ll discover: How a reverse mortgage really works. Who…

The Two Benefits of Falling Interest Rates That May Surprise Reverse Mortgage Borrowers

Mike Roberts May 3, 2020

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. Not surprisingly, this has sparked a massive refinance boom in the traditional “forward” mortgage industry. The reverse mortgage industry has seen a significant rate drop as well. Yes, this means…

One Couple’s Tragic Situation And Why I Couldn’t Help Them

Mike Roberts March 15, 2020

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 older. Norma’s health wasn’t great, but she could mostly get around OK. Fred, on the other hand, was in bad shape. He could barely do the basics like eating and…

HECM Lending Limit Increase for 2020 Impacts Reverse Mortgage Proceeds and Costs

Mike Roberts February 1, 2020

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 reflect the change. This latest lending limit increase means homeowners in high-cost real estate markets will have access to significantly more proceeds. However, the change also means higher closing costs…

Why a Reverse Mortgage is Like a Rooty Tooty Fresh ‘N Fruity (But Shouldn’t Be)

Mike Roberts December 15, 2019

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 to convince me they were calling on behalf of a “friend” when they were really looking into it for themselves. It reminded me of the old IHOP commercials where embarrassed…