The Best Reverse Mortgages

The reverse mortgage industry's main source of news, Reverse Mortgage Daily (RMD), recently published an article detailing some of the preferred educational resources from some of the top reverse mortgage specialists in the industry.  Rick Rodriguez, Certified Reverse Mortgage Professional, who has been specializing in reverse mortgages since 2005 was interviewed by RMD for his insights. In the article, Rodriguez states that most consumers have already done research on reverse mortgages and are primarily looking to speak with a reverse mortgage professional to go over any concerns and dispel any myths.  He utilizes company resources and materials to provide additional information to consumers, but if he senses that the they are in need of a bit more confidence in the product itself, he points them to third party resources such as U.S. Department of Housing and Urban Development or National Reverse Mortgage Lenders Association, as well as to texts by Wade Pfau or Barr...

What a reverse mortgage is and how it works continues to be a mystery to many, but here we will begin to uncover some of the secrets about one of the most misunderstood loan programs that has ever existed.  1. A reverse mortgage can be used to finance the purchase of a home.   As an alternative to purchasing a home with cash or taking on a mortgage with payments, a reverse mortgage can help to preserve cash for retirement and expand the purchasing power for a new home.  A one-time cash payment is made at closing, the reverse mortgage finances the remainder of the purchase price, and the buyer is required to live in the home as their primary residence and pay the property taxes, maintenance fees and insurance. 2. A reverse mortgage credit line can pair well with retirement planning strategies.   Some financial planners are recommending to their clients to take out a reverse mortgage line of credit to have on standby throughout retirement. ...