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HELOC or HECM, what's your choice?

But what many people don't know is that sometimes, for those who've reached the qualifying age of 62, a HECM can be a much better way to access home equity, especially if you're looking to retire and ... read more

The Mortgage Is Dead; Long Live The (Reverse) Mortgage

(I use these little tidbits to rationalize my choice ... your heirs can arrange for a new mortgage - they can keep the home, but the reverse mortgage will have to be paid. Most reverse mortgages are o... read more

What's the Best College Saving Strategy When You Have Young Kids?

You could have both types of accounts to cover all your bases. Whatever your choice, ideally you'd open a separate account ... Only 5.64 percent of a parent's assets (excluding retirement accounts and ... read more

Understand a reverse mortgage | Szymanski

There is a lifeline for elderly folks 62 and older who just need a little help to hold onto and remain in their home - a "Home Equity Conversion Mortgage" (HECM), otherwise known ... Whatever your cho... read more

Cost of reverse mortgage to rise after deadline

You get access to your home's equity in the same manner, but a monthly principal or interest payment is not required and, unlike a HELOC, with a HECM we actually extend additional credit to the borrow... read more

MetLife Bank introduces reverse mortgage that could save homeowners thousands

There's good news for homeowners age 62 and older who are looking to achieve greater financial flexibility: MetLife Bank has recently introduced the HECM Saver, a government-insured Home Equity Conver... read more

Reverse Mortgage: What Is It and How It Works

(TNS)—Reverse mortgages have become the cash-strapped homeowner’s financial planning tool of choice. The first Federal ... It’s also known as a home equity conversion mortgage, or HECM. Don’t plan to ... read more

7 Tips When Considering a Reverse Mortgage

The loan is repaid when you die, sell your home or when your home is no longer the ... are insured by the Federal Housing Administration as part of its Home Equity Conversion Mortgage (HECM) program, ... read more

Reverse mortgage pros and cons for homeowners

That insurance protects you in the event that your house is worth less than the loan value when it comes due. With a Federal Housing Administration home equity conversion mortgage, or HECM, which incl... read more

Reverse mortgages and their alternatives

Home equity represents about 70 percent of the total assets of middle-income retirees, not counting Social Security and pension benefits. Many people, even those who hope to leave their house to their ... read more

HUD’s equity conversion mortgage like a ‘home pension’

The home equity conversion mortgage ... HUD is charged with oversight and implements improvements to the HECM. The HECM is the reverse mortgage product of choice. It’s federally insured, continues to ... read more

How Does A Reverse Mortgage Work?

You remain responsible for paying property taxes, insurance and maintaining your home. How to Get a Reverse Mortgage While there are several different types of reverse mortgages, the Home Equity Conve... read more