Growth of Principal Limit: What It Is and How It Works

Growth of Principal Limit

Growth of principal limit is a key feature of a reverse mortgage, but few people really understand how it works. I’m going to get a little technical here, but hang with me. If you grasp what I’m about to cover, you’ll have a better understanding of the reverse mortgage than many industry professionals. Growth of principal limit really is the key machinery that makes a reverse mortgage work. Before we … Read More…

Introducing Our Reverse Mortgage Purchase Calculator

Reverse Mortgage Purchase Calculator

Did you know that we have a reverse mortgage purchase calculator? If not, don’t feel bad! We rolled it out a few months ago, so it’s still pretty new. Our reverse mortgage purchase calculator is a great way to estimate how much of a down payment you’ll need to purchase a home with a HECM reverse mortgage. Unlike most reverse mortgage calculators online, ours is free and simple to use … Read More…

The 3 Biggest Reasons Not to Get a Reverse Mortgage

Reasons Not to Get a Reverse Mortgage

There’s no question a HECM reverse mortgage is a great financial tool. However, any good reverse mortgage professional will freely acknowledge that it’s not the right solution for absolutely everybody. There are some scenarios where a reverse mortgage might not make sense. Before we dig into some reasons not to get a reverse mortgage, let’s first go over what a reverse mortgage actually is. There’s a lot of misinformation out there, so I … Read More…

The Reverse Mortgage Line of Credit is Fantastic. Here’s Why.

Supplement Retirement Income with Reverse Mortgage

The HECM reverse mortgage line of credit is simply fantastic. It’s a shame that so many seniors and their advisors and family members remain unaware of its potential benefits. If you’re at least 62, the HECM line of credit can substantially enhance your lifestyle and financial security in retirement. We’re living longer than ever today. It’s essential to have as many financial resources in retirement as possible. What if you’re … Read More…

Retiring Without a Mortgage is a Total Bummer! Here’s Why (And It’s Probably Not What You Think).

Bummer Retire Without Mortgage

Would you think I was crazy if I said retiring without a mortgage is a total bummer? After all, who in their right mind wouldn’t love to retire with no mortgage payment? OK, so maybe I’m exaggerating a bit. Maybe it’s not a total bummer, but it’s a bummer nevertheless – and not for the reason you may think! First of all, let me say it’s very commendable to pay … Read More…

Reverse Mortgage Calculator Without Personal Information

Reverse Mortgage Calculator Without Personal Information

Looking for a great reverse mortgage calculator without personal information requirements? You’re in the right place! We recently rolled out two brand new upgraded reverse mortgage calculators. One calculator is for a traditional reverse mortgage (for a home you already own and live in) and the other is for reverse mortgage for purchase. Both calculators are easy-to-use and don’t require you to submit any contact information. Check out the calculators … Read More…

What Does the Ideal HECM Reverse Mortgage Candidate Look Like?

How the Smiths Used the HECM Reverse Mortgage

The HECM reverse mortgage is a fantastic home loan product, but it’s not the right solution for everybody (nor does everybody qualify, anyway). What does the ideal reverse mortgage candidate look like? Who is the program most ideally suited for? I’ve helped many seniors get reverse mortgages over the years and I’ve concluded that the ideal candidate fits one of two profiles.  But before I dig into what an ideal … Read More…

Pros and Cons of a HECM Reverse Mortgage

Pros and Cons of a 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 or not it makes sense for you depends on your financial goals and situation. Before … Read More…

What One Couple Did to Get a Reverse Mortgage Was Pretty Crazy (Or Was It?)

What One Couple Did Reverse Mortgage

Accountants and financial advisers beware, this case study might freak you out a bit. What if I said that a couple chose to drain their $80,000 IRA to get a reverse mortgage? Say what?? Gut an IRA to get a reverse mortgage? Were they nuts? It might sound completely crazy, but these clients did just that – and they did it happily. I’ll show you why. First, let’s set the stage. This … Read More…

The Top 12 Reverse Mortgage Myths and Misconceptions

Reverse Mortgage Myths

The reverse mortgage is a hugely misunderstood mortgage product. Even financially savvy people like attorneys, CPAs, and financial advisors often have it wrong about reverse mortgages. I’ve helped hundreds of seniors over the years get reverse mortgages and I think I’ve heard just about every myth and misconception there is. I’d like to address the most common ones in this article. Note that the following refers to the home equity … Read More…