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Money Magazine

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CNN Money: Saver Makes HECM More Viable HW+

Feb 03, 2011By

In Money Magazine's "Ask the Expert", senior editor Walter Updegrave responded to a reader question about using a reverse mortgage as line of credit because they could use additional money.  Updegrave indicated that this can be a good way  to turn home equity in to additional funds to supplement Social Security and other retirement assets to make retirement more enjoyable, with several caveats. As has been common with other recent reviews of the HECM program, the article points to the HECM Saver as making the loans more palatable due to the reduction in up front mortgage insurance from 2%

3d rendering of a row of luxury townhouses along a street

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