Wow! A CPA who gets the reverse mortgage and does a good job in explaining it. I do reverse mortgages for a living and this is accurate information. Too many times I see financial pundits, and others who are sharing information on TH-cam that is either outdated or inaccurate on the reverse mortgage and people believe them. A reverse isn't for everyone, but for others it can be a lifesaver. Particularly like the sequence of returns risk aspect you discussed. This is where an affluent individual who may think they don't need a reverse mortgage, can use the line of credit as a bucket of money, not in the market to dip into instead of drawing from a qualified declining asset which by doing that can prematurely exhaust the asset. Great stuff!
What happens if you die without using HECM credit? Could it be used as a kind of savings account that would perform better than a Money Market if you paid something into every month? You set up a HECM line of credit that does not have to be paid back until you die or the house is sold off Can or should you set up a HECM line of credit, just in case you need it? Or do all the HECM fees make it prohibitive?
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Wow! A CPA who gets the reverse mortgage and does a good job in explaining it. I do reverse mortgages for a living and this is accurate information. Too many times I see financial pundits, and others who are sharing information on TH-cam that is either outdated or inaccurate on the reverse mortgage and people believe them. A reverse isn't for everyone, but for others it can be a lifesaver. Particularly like the sequence of returns risk aspect you discussed. This is where an affluent individual who may think they don't need a reverse mortgage, can use the line of credit as a bucket of money, not in the market to dip into instead of drawing from a qualified declining asset which by doing that can prematurely exhaust the asset. Great stuff!
I have a HECM with a credit line of $500M. Can I take the full amount fo the credit line as a lump some?
What happens if you die without using HECM credit? Could it be used as a kind of savings account that would perform better than a Money Market if you paid something into every month? You set up a HECM line of credit that does not have to be paid back until you die or the house is sold off Can or should you set up a HECM line of credit, just in case you need it? Or do all the HECM fees make it prohibitive?
This was a great video. Thank you so much.