Generally, when considering a loan of any kind, one of the first pieces of information considered is the interest rate as it affects the funds available to you and the amount you will repay. In this respect, a Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is no different than other types of financing: although the borrower is not required to make any monthly...

For a long time, reverse mortgages have been negatively perceived as a last resort for people who are strapped for cash in retirement. Another common misconception is that a reverse mortgage is like selling your home to the bank. However, these perceptions are far from true. Not only do homeowners retain the title on their homes when taking out a reverse mortgage1, but the funds made available...

You’ve worked for much of your life. Now it’s time to focus on fulfilling your retirement goals; however, if you are on a fixed income and concerned about finances, a rewarding retirement can be tricky. If you would like to live retirement to the fullest, but financial worries are holding you back, a reverse mortgage might be something that you should consider. With a reverse mortgage loan, you...

Reverse mortgages can be confusing, so it’s important to be informed and separate fact from fiction. Invite your family to be part of the process as well, so that everyone is on the same page. “Many senior homeowners who could truly benefit from a reverse mortgage have been discouraged from even looking into one by well-meaning – but misinformed – family and friends. I believe that a senior who...