How Does the Fixed-Rate HECM Work?

There are two main FHA-insured reverse mortgage products, the fixed-rate HECM and the variable-rate HECM. The fixed-rate HECM is generally the less popular of the two because it isn’t as flexible and customizable as the variable-rate HECM, but it is still a great reverse mortgage option for many people. It comes with the security and predictability of an interest rate that never changes, but the rate is usually higher than the start rate of a comparable variable-rate HECM. How It Works … Read More…

How One Couple (Unfortunately) Got Burned By a Reverse Mortgage

Reverse mortgages do a lot of good for a lot of people every day, but unfortunately you never hear about that in the media. What you do hear about are the rare horror stories where something goes wrong and somebody gets burned by a reverse mortgage, either because they abused or the lender misled them about the program (or both). An Unfortunate Situation Check out the following excerpt from an article … Read More…