Seniors often face many decisions when it comes to retirement. For example, will they be able to remain in their current home and age in place comfortably, or does it make more sense to downsize and free up their equity. Fortunately, a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, could be a solution for both of these scenarios. A HECM is a federally insured mortgage...

If you are considering a Home Equity Conversion Mortgage (HECM) loan, you will most likely want to discuss this option with your heirs. A common first reaction among heirs may be skepticism. Often times, heirs are concerned about their potential inheritance being at risk.  However, many heirs are unaware that a HECM loan may not necessarily deplete all of the home’s equity. If you take out a HECM...

The rising costs of health care these days can quickly eat away at your retirement funds. In fact, according to AARP, the average couple over 65 can expect to spend about $240,000 in medical bills over the course of their retirement. This combined with the fact that about a third of Americans over 65 rely entirely on social security for retirement income, creates a difficult situation for...

Medicare is an integral part of the American health care system, which has helped millions of seniors over the last fifty years. However, according to a recent article by the National Reverse Mortgage Lenders Association (NRMLA), “…like most government programs, it is full of complex rules and regulations…,” making it difficult for many to understand. Medicare typically starts at age 65, but...

A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration insured loan (FHA). A reverse mortgage enables seniors 62 or older to access a portion of their home’s equity to obtain tax free1 funds without having to make monthly mortgage payments.2 Reverse mortgages are complex products, and there are several prevalent myths out there...