A good article about
some of the changes to the reverse mortgage program
To summarize, the
October changes reduced the amount available to most borrowers
But…
the recent changes to the HECM program are a
step in the right direction because
they aim to make the loans safer and
encourage loan usage as a long-term financial-planning tool,
rather than as a disaster-recovery tool for
households already facing significant financial stress.
The key takeaway in the article though is
found here
Some planning experts have started advocating
the use of HECM credit lines as a backup
resource in lieu of a large cash reserve
because the latter produces negative returns in
examining how retirees can use a HECM line
of credit in bear markets to avoid selling equities.
The strategy extends portfolio life anywhere
from 20% to 60%, depending on the scenario specifics.
(Emphasis mine)
If you would like more information, or if you feel that
this is something you would like to explore, give me a call.
In the meantime, you can read the article here
Scott Larson
Broker, Reverse Mortgage
Specialist
(408) 315-2503 direct
(408) 872-4002 fax
CA BRE 01023330
NMLS 295668
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