Home Equity Conversion Mortgages (HECM), also called reverse mortgages, are one of the hottest products available to the increasing number of baby boomers entering retirement. In order to assess whether a reverse mortgage is right for you, you should understand the costs and benefits associated with a reverse mortgage.
First, consider the benefits of a reverse mortgage. If you are house rich and money poor, you may feel the pressure of upkeep on your home while paying ordinary living expenses. You have a good net worth, but you cannot tap into it. (more…)