If you or a family member are considering a reverse mortgage, it’s important to research them beforehand.
Websites such as the Federal Trade Commission provide excellent and credible information on reverse mortgages, and are a great place to start your research. This blog has also provided information on specific situations where a reverse mortgage could be ideal, as well advice on talking to your kids about them.
To help you continue your research, here are four more well-written articles on reverse mortgages:
Is a HELOC Better Than a HECM?
Confused between reverse mortgages (also known as Home Equity Conversion Mortgages, or HECM for short) and Home Equity Line of Credits (HELOCs)? Esteemed Wharton School Professor Jack Guttentag compares them in this insightful article. Dr Guttentag concludes that reverse mortgages are the better choice for consumers in most circumstances.
Reverse Mortgage or Home Equity Loan?
Investopedia provides a detailed comparison between lump-sum home equity loans, HELOCs, and reverse mortgages. You’ll learn about payment information as well as age and equity requirements. If you’re just beginning to research reverse mortgages, this article is a good place to start.
Retirement Planning: Understanding Lifetime Annuities And Reverse Mortgages
While from 2011, this article compares reverse mortgages to several commonly misunderstood retirement options, including annuities and longevity insurance.
Planning For A Comfortable Future At 62: How Does Expected Life Span Enter The Picture?
Professor Jack Guttentag examines whether the expected life span of retirees should impact their retirement. He explains how reverse mortgages are flexible and can be adapted to a wide variety of financial needs.
If you’re considering a reverse mortgages, take time to research them
We hope these articles help you better understand the the diversity of strategies and options behind reverse mortgages. We will continue to provide more information on ways a reverse mortgage could benefit you in this blog.
If you have specific question on reverse mortgages, or would like to speak with one of our loan originators, Open Mortgage is ready to assist you.