Welcome to Reverse Mortgage Information
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The baby boom generation is nearing retirement and it is clear that millions of aging boomers are financially under prepared. Reasons are many - poor savings habits, rising medical costs, the demise of guaranteed corporate pensions, and the dreaded squeeze faced by many boomers: i.e. having to pay college costs for their children, care for their elderly parents, and save for retirement, all at the same time.
Yet, the outlook is not entirely bleak. One bright spot that may help baby-boomers achieve secure a retirement is the record high-level of home ownership and the related growth in home equity. Home equity, the difference between debt owed on a home loan and the value of a home, accounts for at least fifty percent of net wealth for more than half of all U.S. households according to the Survey of Consumer Finance. One of the most useful mortgage products around is the HECM - home equity conversion mortgage - that allows senior citizens to safely tap into their accumulated equity to help fund retirement costs.
But HECM’s (i.e. “reverse mortgages”) are also one of the least understood and mistrusted mortgage products. Reasons for this are many. The purpose of this blog is to help senior citizens and others concerned about securing their retirement gain a better understanding of this truly useful tool. In future posts we will analyze the myths that keep people using HECM’s, explain the workings of a reverse mortgages, and promote discussion and debate on the topic.
We hope you find the information on this site useful. If you have any questions or concerns, please feel welcome to leave comments inthe blog.
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