hecm Archive

Can a Reverse Mortgage Replace the Once Commonplace Pension?
February 9, 2016
in Blog

Can a Reverse Mortgage Replace the Once Commonplace Pension?

Historically, retirement income for most Americans generally came from three sources:  social security, pension and retirement savings.  This has often been referred to as the 3-legged stool.  However, now companies are shifting away from offering pensions, also known as defined benefits, to offering defined contribution plans or 401(k)’s.  The once 3-legged stool is now becoming […]

Be Aware of These Common Scams
January 26, 2016
in Blog

Be Aware of These Common Scams

Anyone can fall victim to fraud, but seniors are particularly vulnerable.  Seniors are often on a fixed income, so losing money at the hands of a scam artist can hit older Americans the hardest. According to a recent AARP article, there were 750 documented data breaches in 2015, which is roughly the same as in […]

Boomers May Be Running Short on Retirement Funds
December 29, 2015
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Boomers May Be Running Short on Retirement Funds

Many baby boomers have accumulated more wealth than their parents’ generation, and possibly even more than their children as well.  However, accessing that wealth is where the challenge comes in.  According to a recent article, this is due to a couple reasons.  Many boomers have been more active users of debt; the median equity for […]

HECM Saver or HELOC
May 23, 2012
in Blog

HECM Saver or HELOC

What Are They and What Do You Need to Know For seniors looking to tap into their home’s equity, there are a few different options available in the marketplace today. One of those is a Home Equity Conversion Mortgage (HECM) Saver, and another is a Home Equity Line of Credit (HELOC). The HECM Saver provides […]

HECM for Purchase – How Does It Work?
April 17, 2012
in Blog

HECM for Purchase – How Does It Work?

Using a Reverse Mortgage to Purchase a New Home While a reverse mortgage has traditionally been used as a way to remain in your home, borrowers can also use it to purchase a new primary residence under the Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) program. Released in 2009, the HECM for Purchase […]