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The Mortgage Professor Speaks:

Reverse Mortgages are a Flexible Financial Tool

Jack Guttentag, a.k.a The Mortgage Professor, reviewed the advantages of HECM reverse mortgages through several diverse scenarios in a recent article.

The article illustrates that the HECM Reverse Mortgage is a flexible financial tool that is not just for the house-rich and cash-poor.

Inadequate Retirement Preparation

Guttentag begins the article by describing the reality facing many retirees today:

"Retirement has become a frightening prospect for millions of Americans who haven't made adequate financial preparation for it, yet face the likelihood of living much longer than any prior generation of retirees. The Center For Retirement Research at Boston College reports that more than half of all households will not be able to maintain their standard of living in retirement." (Emphasis added.)

Guttentag notes that "The HECM reverse mortgage is marvelously flexible.", and goes on to describe 3 different scenarios in which a HECM reverse mortgage improves the financial well being of retirees.

The common thread in all scenarios is that they have sufficient equity in their homes to facilitate the HECM loan.

The full article can be read here.

Reverse Mortgages are Marvelously Flexible

 
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First Federal
Savings Bank
NMLS 402963
1880 S Eagle Rd
Meridian, ID 83642

dcook@bankfirstfed.com
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Home | HECM Basics | 12 Facts | Borrower Qualifications | Loan Process | Financial Assessment
Who Owns the Home? | Who Owns the Equity? | When is the Loan Due? | A Non-Recourse Loan | It's Your Money
| HECM for Purchase |
Copyright© 2021 Doug Cook FDIC & Equal Housing Lender Logo
HECM borrowers are responsible for the payment of property taxes, homeowners insurance, and the maintenance of their home. Rates and fees vary by lender. All credit products subject to approval. Information presented was not created or approved by HUD/FHA.
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First Federal Savings Bank | 1880 S Eagle Rd | Meridian, ID 83642
Institution NMLS: 402963

www.MortgageFirstFed.com/dcook
www.BankFirstFed.com

First Federal Savings Bank provides HECM Reverse Mortgage lending in the states of
Idaho, Oregon, Washington, Montana, Wyoming, Utah and Nevada.
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