Should I Get a Reverse Mortgage Now or Wait?

HECM Reverse Mortgage Line of Credit Jack

A man who I’ll call Jack contacted me about using a reverse mortgage to pay for future medical expenses. Jack made it clear from the get-go that he didn’t want a reverse mortgage now. He just wanted to explore some options and call back in five years to set it up then. Jack basically wanted to use the reverse mortgage as an “insurance policy” to protect against the financial risk of big medical expenses. It was smart of Jack to think ahead, but here’s the thing about insurance: you have to get it before you actually need it. After all, it’s…

Does Your Financial Plan Include “Retirement Insurance”?

The HECM as Retirement Insurance

Does your financial plan include “retirement insurance”? I’m guessing you’ve never heard of such a thing, right? The term is sometimes used to refer to Social Security or insurance products that target retirees, but that’s not what I’m referring to here. There is no insurance product called “retirement insurance”, but there is a strategy that can serve as a “retirement insurance” of sorts. When used prudently as part of a broader retirement plan, this strategy can significantly reduce the risk of draining your retirement assets faster than expected. The financial tool I have in mind is called the home equity…

New HECM Reverse Mortgage Lending Limit and Index for 2021

New HECM Lending Limit and Index for 2021

Happy New Year! The year 2020 was one of the more tumultuous years in recent memory, was it not? We sincerely hope that the new year finds you well! In life, things are always changing – and it’s no different in the reverse mortgage world. The new year brings some significant changes to the HECM reverse mortgage. A new higher HECM lending limit for 2021 FHA periodically revises the lending limit to reflect real estate market conditions. The lending limit is effectively the maximum appraised value used for the calculation of proceeds. For case numbers issued on or after January…

What a Reverse Mortgage and a Legendary Airplane Have in Common

Are Reverse Mortgages a Good Deal?

In early 1942, the United States was at war with Japan. Lt. Colonel James “Jimmy” Doolittle had been given the responsibility of planning a raid to strike back at Japan for the Pearl Harbor attack. The bombing raid wasn’t expected to do a lot of physical damage, but it would boost American morale and strike a psychological blow against the Japanese, who largely believed their home islands couldn’t be attacked. Doolittle needed a bomber that could carry 2,000 pounds of bombs, take off from a carrier deck, and be modified to fly thousands of miles to complete the mission. Two…

The Top 6 Misconceptions You May (Or May Not) Have Heard About Reverse Mortgages

Reverse Mortgage Misconceptions

When I was a young boy, my parents took my brother and I on a vacation. I was pretty little, so I don’t remember much about the trip. I know we traveled on an airplane, but I have no recollection of where we went, what we did, or who we saw. What I do remember, however, is a passing moment on the trip home. It’s funny how the mind works, right? It often remembers insignificant things and forgets the more important details. I remember my mom telling me as we boarded the plane that we were “flying home”. I still…

What Does the Ideal HECM Reverse Mortgage Candidate Look Like?

How the Smiths Used the HECM Reverse Mortgage

The HECM reverse mortgage is a fantastic home loan product. Though it can benefit seniors with a variety of financial goals and needs, what does the ideal reverse mortgage candidate look like? Who is the program most ideally suited for? I’ve helped hundreds of seniors get reverse mortgages over the years. Though a reverse mortgage can benefit seniors with a variety of financial goals and needs, I think it’s best suited for candidates that fit one of three profiles: Owes little to nothing on the home and doesn’t need the money right now. Has a big mortgage balance with many…

Dear Penny, I’d Like to Set the Record Straight on Reverse Mortgages

Dear Penny I'd Like to Set the Record Straight on Reverse Mortgages

I have to admit I get a little annoyed at some of the articles and advice published in the media about reverse mortgages. Pundits and journalists generally mean well, but the advice they give is often based on the the rampant misinformation circulating about reverse mortgages. Case in point: a “Dear Penny” column that appeared in the Tampa Bay Times a while back. “Penny” is Robin Hartill of The Penny Hoarder. Like many commentators, she means well, but her advice about reverse mortgages is misinformed and misguided and I’d like to set the record straight. I freely acknowledge that a…

The One Simple Question That Could Get You Thousands More From a Reverse Mortgage

One Simple Question to Get More Money From a Reverse Mortgage

What if I told you there was one simple question that could get you thousands (or maybe tens of thousands) of dollars more from a reverse mortgage? Would you want to find out more? If so, read on! Now, before I fill you in on what this question is, I need to lay some groundwork. Even if you’re familiar with reverse mortgages, resist the urge to skip ahead to the question. It’s important to understand a few basics so you can take the fullest advantage of the question I’ll cover shortly. A few reverse mortgage basics The most popular reverse…

Download The Reverse Mortgage Revealed for FREE (June 8-11 Only) on the Amazon Kindle

The Reverse Mortgage Revealed

Download The Reverse Mortgage Revealed for FREE June 8-11 on the Amazon Kindle or Kindle app. A paperback version is available as well. I hugely value your feedback, so please leave an honest review on Amazon. Once you’ve left a review, please email me at mroberts@myhecm.com and I’ll send you three more case studies for free. Thank you! It’s taken a lot of work (and more time than anticipated), but The Reverse Mortgage Revealed is complete and available on Amazon as a paperback or FREE download for the Kindle or Kindle app (June 8-11 only). Woohoo! I want to offer…

Available June 1, 2020: The Reverse Mortgage Revealed

The Reverse Mortgage Revealed

The reverse mortgage is a fantastic financial tool, but it’s not perfect for everybody. Is it right (or wrong) for you? Author Mike Roberts is the founder of MyHECM.com and a successful veteran of the reverse mortgage industry. Writing in plain language, Roberts cuts through all the nonsense, rumors, and hype you may have heard about reverse mortgages. There are no sales pitches here! Just the inside scoop about how a reverse mortgage really works. This book is jam-packed with information and insights that only an experienced industry professional can offer. You’ll discover: How a reverse mortgage really works. Who…