Happy New Year 2022! One significant change effective January 1, 2022 is the maximum claim amount or lending limit in the United States for the FHA insured HECM, Home Equity Conversion Mortgage. That new number is $970,800 This is a significant increase over the prior year and benefits those home values which appreciated above the […]
A HECM isn’t for Everyone YET it can be a Fabulous Tool for Unlocking Home Equity
Robert Klein, CPA is the founder and President of Retirement Income Center in Newport Beach, CA. As a writer and publisher, he brings a holistic approach to retirement planning and presents a five-point matrix to consider with respect to evaluating a reverse mortgage. This comprehensive review illustrates the following factors: Projected Mortgage Balance Projected Savings […]
Three Tips to Ensure That a Reverse Mortgage Makes Sense for Your Financial Situation
When you apply for a reverse mortgage, also known as a HECM home equity conversion mortgage, you are essentially borrowing money from some of the equity you have built up in your house. One great advantage of a reverse mortgage is that you are not required to make monthly payments until you no longer occupy […]
Can You Use a Reverse Mortgage to PURCHASE Your Next Home? Yes, and Here’s How
The HECM for Purchase program was established in 2008. Before it was created a homeowner had to relocate and purchase a home with a traditional mortgage, establish residency, and then refinance the home with a HECM if desired. This lengthy process would require two sets of closing costs and an extensive waiting period. Since 2008 […]
Smart Ways To Create Equity Within Your Home
Home equity is the difference between what your home can sell for and what you owe on it. Generally, the longer you own your home, the more equity you build.
