A HECM Line of Credit Example

A HECM Line of Credit Example

The HECM reverse mortgage line of credit is a great financial tool for many seniors. If you owe little to nothing on your home, the HECM line of credit can turn a portion of your home’s value into a tax-free retirement “account” that will grow larger over time. Let me show you how with a HECM line of credit example. But before we do that, let’s first cover a few basics about what a HECM is and how it works. There is a lot of misinformation out there about the program. What is a HECM? The home equity conversion mortgage,…

How Much Equity Do You Have to Have to Qualify for a Reverse Mortgage?

How Much Equity Do You Have to Have to Qualify for a Reverse Mortgage?

How much equity do you have to have to qualify for a reverse mortgage? Great question! The answer is: it depends! There’s no set amount that everybody qualifies for, so there’s no set amount of equity you need to make a reverse mortgage workable. How much you qualify for depends on several factors, including your home’s value, age of the youngest borrower, current interest rates, the program you select (variable-rate HECM or fixed-rate HECM), how the program is set up (lump sum, line of credit, term or tenure payments, or some combination of all of these), income and credit, and…

FHA Reverse Mortgage Calculator

FHA Reverse Mortgage Calculator

Looking for an easy-to-use FHA reverse mortgage calculator? You’re definitely in the right place! We upgraded our FHA reverse mortgage calculators recently and they’re even better than ever. One calculator estimates proceeds for a traditional reverse mortgage (for a home you already own and live in) and the other calculates your down payment for a purchase reverse mortgage. Both calculators are fast and easy to use and don’t require any contact information. Check out the calculators at the links below. FHA reverse mortgage calculator Traditional Reverse Mortgage Calculator – Use this calculator to estimate proceeds from a traditional reverse mortgage for…

Growth of Principal Limit: What It Is and How It Works

Growth of Principal Limit

Growth of principal limit is a key feature of a reverse mortgage, but few people really understand how it works. I’m going to get a little technical here, but hang with me. If you grasp what I’m about to cover, you’ll have a better understanding of the reverse mortgage than many industry professionals. Growth of principal limit really is the key machinery that makes a reverse mortgage work. Before we dig into the nuts and bolts, let me first cover a few basics about what a reverse mortgage is. There is a lot of misinformation floating around out there. I…

Introducing Our Reverse Mortgage Purchase Calculator

Reverse Mortgage Purchase Calculator

Did you know that we have a reverse mortgage purchase calculator? If not, don’t feel bad! We rolled it out a few months ago, so it’s still pretty new. Our reverse mortgage purchase calculator is a great way to estimate how much of a down payment you’ll need to purchase a home with a HECM reverse mortgage. Unlike most reverse mortgage calculators online, ours is free and simple to use without submitting your contact information and talking to a cheesy sales guy. We hope you find it helpful! To access the reverse mortgage purchase calculator, click here. Why buy a…

The 3 Biggest Reasons Not to Get a Reverse Mortgage

Reasons Not to Get a Reverse Mortgage

There’s no question a HECM reverse mortgage is a great financial tool. However, any good reverse mortgage professional will freely acknowledge that it’s not the right solution for absolutely everybody. There are some scenarios where a reverse mortgage might not make sense. Before we dig into some reasons not to get a reverse mortgage, let’s first go over what a reverse mortgage actually is. There’s a lot of misinformation out there, so I want to make sure you know the basics before I identify some reasons not to get a reverse mortgage. What is a Reverse Mortgage? The most common reverse mortgage product by…

The Reverse Mortgage Line of Credit is Fantastic. Here’s Why.

Supplement Retirement Income with Reverse Mortgage

The HECM reverse mortgage line of credit is simply fantastic. It’s a shame that so many seniors and their advisors and family members remain unaware of its potential benefits. If you’re at least 62, the HECM line of credit can substantially enhance your lifestyle and financial security in retirement. We’re living longer than ever today. It’s essential to have as many financial resources in retirement as possible. What if you’re retired for 25 years? A senior retiring today at 65 could live another 25 years. How many more roofs and air conditioners will you need to buy for your house…

Retiring Without a Mortgage is a Total Bummer! Here’s Why (And It’s Probably Not What You Think).

Bummer Retire Without Mortgage

Would you think I was crazy if I said retiring without a mortgage is a total bummer? After all, who in their right mind wouldn’t love to retire with no mortgage payment? OK, so maybe I’m exaggerating a bit. Maybe it’s not a total bummer, but it’s a bummer nevertheless – and not for the reason you may think! First of all, let me say it’s very commendable to pay off your house before retirement. Not having a mortgage payment makes it much easier to have a nice lifestyle on a fixed income. After all, your retirement income will be…

Reverse Mortgage Calculator Without Personal Information

Reverse Mortgage Calculator Without Personal Information

Looking for a great reverse mortgage calculator without personal information requirements? You’re in the right place! We recently rolled out two brand new upgraded reverse mortgage calculators. One calculator is for a traditional reverse mortgage (for a home you already own and live in) and the other is for reverse mortgage for purchase. Both calculators are easy-to-use and don’t require you to submit any contact information. Check out the calculators at the links below. Reverse mortgage calculator without personal information Traditional Reverse Mortgage Calculator – No Contact Information Required – Use this calculator if you wish to estimate reverse mortgage…

Pros and Cons of a HECM Reverse Mortgage

Pros and Cons of a Reverse Mortgage

Like any financial product, there are some pros and cons of a reverse mortgage that can make it a great option for some seniors and a less than great option for others. A HECM reverse mortgage isn’t necessarily the perfect solution for everybody, but for those that it is, it can be a fantastic option. Whether or not it makes sense for you depends on your financial goals and situation. Before I dig into the pros and cons of a reverse mortgage, let me first go over what a reverse mortgage actually is. There is a lot of misinformation out there…