Reverse Mortgage

By Alain Valles, CRMP The Reverse Mortgage rules changed Oct. 2. For the past 25 years, reverse mortgages have allowed hundreds of thousands of homeowners...

You’ve heard the word reverse mortgage and likely know that for those who qualify they can receive a lump sum of cash, a monthly stream of cash, a line of credit that grows over time, or any combination of the three. All without ever being required to make a monthly payment for the rest of their lives as long as the real estate taxes and insurance are paid and other guidelines met.

I was recently at a local charity event and invariably people asked what I do? My answer is always “I save financial lives by educating people about reverse mortgages and, when appropriated, arrange them.” That’s usually followed by a polite sigh and then the person stating: “Aren’t those bad? Doesn’t the person lose their home to the bank or government? Don’t the kids lose their inheritance? Don’t you have to have no mortgage? Isn’t a reverse mortgage a last resort?” In other words, they’re really asking “Aren’t you just taking advantage of old people?”

Reverse mortgages are government-insured loans also known as Home Equity Conversion Mortgages (HECMs).

By Alain Valles, CRMP, CSA, MBA For the past 25 years reverse mortgages have allowed hundreds of thousands of homeowners 62 years old or older...

If you are like many seniors you may wake up feeling financially stressed. Concern about having enough money, worry about a lingering home repair, or frustration with credit card or real estate tax payments can be a burden. Even worse is the fear of not having enough money if something should happen in the future.

By Alain Valles, CRMP, MBA, CSA The Greek philosopher Heraclitus said, “Change is the only constant in life.” Time has shown this to be true. The...

By Alain Valles, CRMP Everyone has heard the words “reverse mortgage.” But few people really know how one works. However, most of us know the challenge,...

By Alain Valles, CRMP No other loan product is wrapped in as much mystery and misinformation as a Home Equity Conversion Mortgage (HECM), more commonly...

By Alain Valles, CRMP, MBA, CSA You've heard the term “reverse mortgage,” but do you know how it works? A Home Equity Conversion Mortgage (HECM)...