Reverse Mortgage Discussion

You assume incorrectly. Since I see you saying you have no clue about HECMs, lets not assume anything about reverse mortgages. I'm not attacking you, just protecting the best practices surrounding the reverse mortgage.

Since reverse mortgages do not have certain credit or doc type requirements, they should not be lumped in with your statement.

There are folks who are house rich but cash poor who turn to a reverse mortgage to meet their monthly financial needs.

There are folks that thought they had plenty of money to retire on that never anticipated the long term health care costs that had to turn to redeeming equity in their home.

There are folks that own second homes with plenty of money in retirement accounts that take equity out of those second homes to invest in businesses or pay for their grand childrens education or to take out annuities- all accomplished using reverse mortgages.

The word "most" should not come to mind when mentioned with reverse mortgages.

I hope I answered without offending you.

Source: Reverse Mortgage Information