Many Financial Planners who used to dismiss the idea of a reverse mortgages, are now taking a closer look. Pete Woodring, Founding Partner at Cypress Partners comments: He goes on to list the following reasons for his change in attitude: FHA rule changes have reduced costs and therefore lowered the risk to borrowers With all of the risk factors … Read More
In a funny analogy, CBS calls Reverse Mortgages the “Rodney Dangerfield” of the Financial Planning World – implying that they are worthy of more respect than they are getting. With 60% of middle class Americans holding more than half of their wealth in their home equity, few retirees actually take steps to access it. Those that choose to access home … Read More
Watch the latest video – Bob Massi, “The Property Man”, interviews 2 couples and their loan officers to understand the benefits of using a reverse mortgage to purchase a home. The 1st couple, the Kramers, sold their existing home for $500,000. They used $143,000 of the proceeds to purchase their new home (valued at around $300,000), paid off the mortgage … Read More
In a recent article in the Wall Street Journal, staff writer Jeff Brown quoted Jamie Hopkins, Associate Professor at American College of Financial Services… Traditionally, the thought has been to wait until a reverse mortgage is needed before getting one. As changes in the reverse mortgage product (HECM) and our overall economy have evolved, the case for getting a reverse … Read More
In an article he wrote for Forbes Magazine, Wade D Pfau makes a very strong case for implementing a reverse mortgage in a retirement plan earlier rather than later. Mr. Pfau, is not only a regular contributor to Forbes, the well-known financial publication, but is also a Professor at the American College, Principal at McLean Asset Management and author of … Read More