For many senior homeowners, their home is probably one of their largest assets, and it’s a big decision deciding whether to get a loan or tap into their home’s equity when additional income is needed.  A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, maybe the financial option you are looking for with built-in safeguards that protect you as a borrower. Insured by the...

A reverse mortgage is an important financial tool that many seniors implement into their retirement plans.  It can help to supplement your retirement income, consolidate debt, or even set aside funds for an emergency.  However, there are occasions where a reverse mortgage may not be the answer.  It is important to understand your options and consider the alternatives before you take out a loan...

Reverse mortgages have changed since they were first established in 1961. However, misconceptions continue about the benefits of this important financial tool. Some retirees may find themselves not having enough savings and a significant portion of their wealth is tied up in their homes. Tapping into one’s home equity through a reverse mortgage can help obtain financial stability throughout...

Seniors have often been the target of scammers since they tend to be financially stable, trusting, and can be hesitant to say ‘no’.  A common financial product utilized by seniors that scammers attempt to take advantage of is the reverse mortgage.  Studies have estimated that senior financial abuse, at the hands of scammers, could have losses up to $36 billion.  However, financial abuse could be...

Many homeowners are currently sitting on a record-setting amount of home equity.  At the end of the fourth quarter of 2020, homeowners 62 and older saw their housing wealth grow to $8.05 trillion.1 As of May 2021, more than 1.2 million seniors had taken out a Home Equity Conversion Mortgage (HECM), commonly referred to as a reverse mortgage.2  If you or someone you know is interested in accessing...