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 >>
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, … Read More >>
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 – … Read More >>
I’ve worked with a lot of retired seniors over the years who had no clue they were headed dead-on for a financial iceberg. Many signed up for this iceberg on their own, but others did so at the recommendations of well-meaning CPAs, financial advisers, attorneys, and family members. So, what is this financial iceberg? It’s … Read More >>
Share This Infographic If you would like to share this infographic on your site, feel free! Simply copy the code below and provide attribution back to this site. Please include attribution to MyHECM.com with this graphic. HECM vs HELOC: Which Makes More Sense In Retirement? A HELOC is a good financial tool, but only for a … Read More >>
