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Is retirement with a mortgage payment a good idea? Or is it just flushing your hard-earned retirement income down the drain? If you’re like many people, you may have refinanced your mortgage in the past few years to take advantage of insanely low interest rates. You may also have chosen a fixed 30-year mortgage. That’s … Read More >>
Nobody wants to run out of money and be financially shipwrecked in retirement. Unfortunately, there is a lurking and potentially devastating danger out there that can wreck even the best of retirement plans. In this article, I’d like to lay out a unique and little-known strategy (even to financial planners) that can help protect your … Read More >>
Many seniors have the impression that reverse mortgages are expensive – mainly because of the closing costs. Yes, depending on the scenario, reverse mortgage closing costs can sometimes be pricey, but not always. Regardless of what the closing costs are, the overall cost of a reverse mortgage is often comparable to other common retirement and … Read More >>
I am very pleased to announce an enhanced MyHECM.com that will offer new features to help connect seniors, their advisors, and their families with the resources they need to help them achieve their financial goals. We may be a little biased :), but we think MyHECM.com is already the best informational resource online about the … Read More >>
Happy New Year! I sincerely hope that 2022 finds you well! In life, things are always changing, are they not? It’s no different in the reverse mortgage world. The new year brings with it a few changes to the HECM reverse mortgage and some big upcoming changes to MyHECM.com that we’re pretty excited about. A … Read More >>
I’ve chatted with many seniors over the years who believed that a HELOC is a better option than a reverse mortgage for cash in retirement. Many seniors take HELOCs instead of reverse mortgages at the recommendation of well-meaning CPAs, attorneys, financial advisers, and relatives. Unfortunately, this is often a mistake. HELOCs are a great loan … Read More >>
The reverse mortgage is a fantastic financial product, but there are some situations where it’s best avoided. Though I’ve made a living doing reverse mortgages, I will freely acknowledge that a reverse mortgage is not always the right financial solution. If I believe a reverse mortgage will benefit you, yes, I’m going to do my … Read More >>
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 … Read More >>
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 … Read More >>
