After 31+ years Mortgage Banking experience working for large banks and Mortgage Bankers, we decided it was time to start serving our senior clients as mortgage brokers. When asked why we chose to do this rather than accepting positions with large banks, we tell people it was an easy decision to make, we love what [...]
A Reverse Mortgage HECM, sometimes referred to as a Home Equity Conversion Mortgage (HECM), is a special type of home mortgage that lets a homeowner convert a portion of the equity in his or her home into money in their pocket. Simply put, a reverse mortgage is the exact opposite of a regular mortgage. The [...]
I just finished reading an article about a network news program that did a negative report on reverse mortgages, citing an incident in Los Angeles of a senior borrower who was talked into buying annuities that did not mature until the year 2033 without a substantial penalty. I saw the actual Nightly News piece with [...]
You may have heard a lot recently about the concept of a Reverse Mortgage. So what exactly is it? A reverse mortgage is designed for older homeowners age 62 and up. It enables them to convert part of the equity in their home into tax-free income without having to sell the home, give up title, [...]
Reverse mortgages were created in order to help ease the financial burden on aging seniors. A reverse mortgage is a type of financial instrument that permits home owners over the age of 62 to gain access to the money they have accumulated as home equity. How a reverse mortgage works is that the lender makes [...]
