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Is a HECM Reverse Mortgage a good fit for your retirement? 

That is good question to ask and it is hard to determine up front without doing some homework and finding out details about a person's specific situation, but there is more data today from independent resources such as the Journal of Financial Planning that suggest that the Home Equity Conversion Mortgage programs might be better to take earlier in the retirement years versus using it as a product of last resort. 

There have been many changes to the Home Equity Conversion Mortgage programs (Home Equity Conversion Mortgages, aka HECM, are the government insured Reverse Mortgage programs and they are the most popular Reverse Mortgage today) since it was signed into law in 1988, but if you or a family member is considering a HECM Reverse Mortgage or one of the Proprietary Reverse Mortgage programs you should talk to a Reverse Mortgage Consultant who specializes in Reverse Mortgages and ask for a Custom Reverse Mortgage analysis to understand how the program works, what fees you would incur and how it will affect you and/or your family.   

There are multiple options with Fixed & Adjustable rates with Standard and Low Cost fees for the traditional Reverse Mortgage to Refinance an existing home that is owned by at least one homeowner that is 62 years of age or older. 

And for the past few years there has been a New Reverse Mortgage Purchase transaction that allows a person that is at least 62 to buy a home with all the benefits of the Reverse Mortgage.  The homeowner(s) would bring in cash or equity from a prior home for their down payment and they can use the Reverse Mortgage to finance the rest o the home purchase.    

The Journal of Financial Planning article "Reversing the Conventional Wisdom: Using Home Equity to Supplement Retirement Income" was one of the research reports that documented a major paradign shift in whether a Reverse Mortgage should be used since it showed that a Reverse Mortgage could help families extend their retirement disbursements to avoid "running out of income" by using it strategically near the beginning of the retirement versus using it as a last resort.  (http://www.fpanet.org/journal/ReversingtheConventionalWisdom)

Ways To Brighten Your Home In The Dark Days Of Winter

December 13, 2017

They say it’s the most wonderful time of year.

With holiday parties, out-of-town visitors, and plenty of excuses to try a multitude of tasty treats, there’s definitely lots to look forward to—even as the days get shorter and the weather turns colder.

Of course,

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Achieve Your Goals in 2018 With These Mortgage Options

December 12, 2017

Home ownership is more than just a house with your name on it; it’s a financial opportunity that can create security over the years through life’s ups and downs. Whatever your goals, the right mortgage can help you along the way.

You’re ready for a starter home.

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Avoiding Holiday Stress: Tips From A Psychologist

December 7, 2017

The holidays aren’t joyful when you’re stressed. It’s easy to get caught up in the busyness of the season with the expectations of gift-giving, party attending, volunteering and decorating. There’s nothing wrong with any of those activities, but squeezing all of it into the normal routine can seem daunting at times.

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Every home is a milestone. Every mortgage is a cornerstone. Whether you're buying a new home, remodeling or ready to refinance, we understand that a loan is more than a tool to achieve your dreams -- it's a belief in you and the importance of your goals.

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Take advantage of a lower rate that could reduce your monthly payment or change the term of your loan. Our outstanding customer service and commitment to provide transparent communications means that Open Mortgage makes your priorities our mission.
 

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