Nice article on the benefits and practical applications of a government insured Reverse Mortgage that are simple and easy to understand. The problem today is that very few people want to plan. Most people prefer to seek out a Reverse Mortgage when they have a crisis. The government has recognized this and they have purposely changed the rules with the addition of the financial assessments that were added to the program last April. If you are retired and operating on a fixed income, you would be much wiser to pay off your mortgages, balance your cash flow needs and establish reserve credit lines earlier in the equation when you still have savings. Waiting until you have exhausted your savings or other assets and then seeking a Reverse Mortgage as a means of last resort is not a wise application. The key to winning with a HECM Reverse Mortgage today is to obtain unrestricted eligibility and access to your home equity so you can freely use it to better your retirement position. This is no longer guaranteed on the basis that you are 62 and have sufficient home equity. You can only do this with a plan. The old days of a bail out or quick antidote from the Reverse Mortgage to remedy a crisis are over in my opinion. Be smart and augment your retirement plan with a Reverse Mortgage when you can and not when you have to. The practical applications a Reverse Mortgage offer with regard to finances can provide retirees more secure and comfortable retirements.
Here is the full article titled "5 Ways a HECM Reverse Mortgage Can Ease the Retirement of Homeowners".