Kevin Michael MelodyJun 15, 20203 minThinking in ReverseThe simplest way to begin to understand the concept of a Reverse Mortgage is to eliminate the modifier from its name.
Kevin Michael MelodyJun 11, 20201 minHELOC vs HECMLOC… Who cares?What if your credit line disappears right when you need it, like during a crash in housing prices? And how do you handle the payment shock?
Kevin Michael MelodyJun 11, 20201 minHigher Lending Limits for 2020...if you were previously denied a reverse mortgage because your existing mortgage balance was too high, you may now be able to qualify...
Kevin Michael MelodyJun 11, 20202 minMitigating costs on a HECMThere is no getting around the fact that a reverse mortgage (HECM) can be an expensive loan.
Kevin Michael MelodyJun 11, 20203 minA PERL of WisdomHECM proceeds cannot be used to pay off debts in order to qualify. PERL proceeds can.
Kevin Michael MelodyJun 11, 20203 minGather Knowledge Before Seeking AdviceLenders and financial advisors are paid to be biased, the former towards a reverse mortgage and the latter towards anything else.