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 […]
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 […]
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 […]
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.
For more than 20 years, reverse mortgages have been seen as a financial lifeline of last resort for seniors who are house-rich but cash-poor. Now, bolstered by the research of some leading financial advisers and new rules from the Department of Housing and Urban Development, reverse-mortgage lenders hope to recast the product’s role. Used properly, […]