Monday 23rd December
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HELOCs are Bad for Older Homeowners. Better Options Exist
Written on 5 Feb, 2020 at 17:08
The PLOC costs about the same as the HELOC and the interest rates are competitive, so why would anyone considering a HELOC not choose the PLOC instead? There's only one reason I can think of... they simply don't know.... (Continue reading)
Merrill Lynch Proves Clueless on Use of Home Equity in Retirement
Written on 3 Dec, 2019 at 15:06
The HECM program and other reverse mortgages are specifically designed for retirees looking to access their home's equity. For Merrill Lynch not to mention the HECM alternative in an advisory bulletin about accessing home equity in retirement makes that... (Continue reading)
HUD’s Recent Changes to HECM Reverse Mortgages are Positive, Although Some Will Find it Harder to Qualify
Written on 23 Feb, 2018 at 16:04
The HECM mortgage program is going to prove to be one of the most important programs for older American homeowners navigating through their retirement years.... (Continue reading)
The Media Continues to Get it Wrong on Reverse Mortgages
Written on 4 Oct, 2016 at 1:49
No one should write about a HECM reverse mortgage as being good or bad, because it depends on so many variables... and 94% of homeowners with a HECM say it gave them peace of mind.... (Continue reading)
The Single Best Tool for Downsizing in Retirement is Called: HECM-for-Purchase
Written on 9 Sep, 2016 at 19:28
There's no better tool for downsizing in retirement than the HECM for Purchase, a mortgage insured by the FHA. So why do so few homeowners and/or Realtors know anything about it? ... (Continue reading)
How a HECM Reverse Mortgage Saved a Homeowner Over $200,000
Written on 9 Sep, 2016 at 1:03
Homeowners with significant amounts in their retirement accounts can often benefit from using the HECM because it's a tax free source of funds.... (Continue reading)
FINALLY… Time Magazine Realizes New Reverse Mortgages May be a Good Idea
Written on 4 Apr, 2016 at 16:47
My point is that Kadlec does a decent job writing about the new HECM reverse mortgage... not a great job, but one that's better than most. And that's encouraging.... (Continue reading)
Okay, so tell me why everyone who can doesn’t use a reverse mortgage this way.
Written on 15 Feb, 2016 at 22:16
Who wouldn't want a line of credit that's guaranteed to increase every year even if the home's value remains flat or goes down. Nothing does what the HECM Line of Credit does.... (Continue reading)
Are You Overestimating Your Ability to Access Your Own Money in Retirement?
Written on 15 Feb, 2016 at 9:14
I've found that most homeowners are dramatically overestimating their ability to pay off mortgages in retirement and/or access the equity in their homes once retired.... (Continue reading)
Mandelman’s Best Home Buying Advice for 2015 and Beyond
Written on 18 Jun, 2015 at 16:43
There are three ways to increase the equity in a home you own. Two are within a homeowner's control and one is not. And if you're over 62, for heaven's sake, downsize and hold onto your cash for... (Continue reading)
More Consumers Confused by Role of CFPB than Reverse Mortgage Ads
Written on 17 Jun, 2015 at 13:08
The Consumer Financial Protection Bureau (CFPB) recently conducted a focus group at which they showed reverse mortgage ads, concluding the ads are misleading... but, so what? ... (Continue reading)
Counting on Working Past 65 is Statistically, Being Overconfident
Written on 29 May, 2015 at 20:35
The point is... if the HECM reverse mortgage for purchase makes sense for you then there are some major advantages to using it during your retirement years. If it doesn't, then don't do it. But, know the facts... (Continue reading)
How & Why I Fell in Love with the Reverse Mortgage
Written on 21 Feb, 2015 at 0:05
Nothing else does what a reverse mortgage does. There's no real alternative because any other type of home equity loan would require you to make monthly payments, and you can't retire with high monthly payments or you could end up... (Continue reading)
Motley Fool’s 10 Reasons Not to Get Reverse Mortgage is So Wrong… but Some Right
Written on 17 Feb, 2015 at 16:23
Yet another example of shoddy reporting on reverse mortgages. Some of what Bennett writes is correct, but much of it is slanted and the rest is just plain wrong.... (Continue reading)
REALITY CHECK: “Reverse Mortgage Realities” According to The New York Times
Written on 29 Nov, 2014 at 8:46
The latest example of bad information on reverse mortgages is by Lisa Prevost, The New York Times, who promises to present "realities of reverse mortgages." And then doesn't.... (Continue reading)
Love Them or Loathe Them? It helps to understand them. Ron Lieber on Reverse Mortgages.
Written on 20 Nov, 2014 at 19:47
Ron Lieber has had years to learn about reverse mortgages, so unless we're dealing with some sort of learning disability here there's no excuse for him writing this kind of article.... (Continue reading)
Exceptional Insight of Barry Sacks, Esq. on Reverse Mortgages – A Mandelman Matters Podcast
Written on 14 Nov, 2014 at 19:51
Do you think you already know enough about reverse mortgages? Well, I promise... you don't. Listen to this and learn things you can't learn anywhere else. ... (Continue reading)
How and Why Congress Changed the Reverse Mortgage in 2008
Written on 7 Nov, 2014 at 5:13
Congress recognized the important role that reverse mortgages play so in HERA they offered greater protections and increased utility to homeowners.... (Continue reading)
Want to Know What I Just Heard About Reverse Mortgages?
Written on 6 Nov, 2014 at 5:21
"I heard they cost $112,000." I'm dumbfounded at how many talk about a reverse mortgage without mentioning that they don't know what they're talking about. ... (Continue reading)
Views on Reverse Mortgages from Around the World
Written on 1 Nov, 2014 at 18:15
It’s utterly amazing how this country has managed to adopt such a warped view of reverse mortgages. Somehow, we’ve managed to take a government insured mortgage that doesn’t require monthly payments and turn it into a bad thing. It... (Continue reading)
LATE START STRATEGY: Creating retirement income to last a lifetime… even if you haven’t saved a nickel.
Written on 28 Oct, 2014 at 17:44
Is it even possible to be financially prepared for thirty years of living without getting a paycheck from work? The answer is simple: INCOME. And even without savings it can be done.... (Continue reading)
Future SHOCK for Older Homeowners: You Won’t Get a HELOC, a Second, or Refi based on your Equity
Written on 15 Oct, 2014 at 23:54
If you're over 62, you have to ask yourself what you'd do in the event your income dropped or your expenses rose unexpectedly? You could tap your savings, but that's not something you want to do because spending your nest... (Continue reading)
Dear Bloomberg & Financial Advisors: They can’t get a HELOC & don’t want to sell their homes.
Written on 8 Oct, 2014 at 2:38
Okay, Ben you blew it on reverse mortgages, but I feel certain that you'll try very hard not to let it happen again. It's important, because if you get it wrong, you might end up writing something that ends... (Continue reading)
Percentage Over 65 Still Paying a Mortgage Doubles to 40%
Written on 2 Oct, 2014 at 6:28
According to a new report from Harvard University’s Joint Center for Housing Studies, as of 2010, “40 percent of households 65 and up were still paying a mortgage.” In 1992, according to the report, there were only about 18 percent over... (Continue reading)
Downsizing and Downgrading… Requirements for Retirement
Written on 28 Sep, 2014 at 13:38
More and more Americans are finding retirement more of an impossible dream than an American one. Baby boomers are delaying retirement or working through it, and most are woefully short of the amounts they'd need to retire. But... (Continue reading)
Understanding The Black Swan… Thy Name is Retirement
Written on 26 Sep, 2014 at 8:44
Reverse mortgages can help us deal with the Black Swan event we're most familiar with today... the meltdown in home prices that began in 2007 and left tens of millions of American homeowners "underwater," or in other words, owing more... (Continue reading)
Why Can’t Dave Ramsey Get his Facts Straight on Reverse Mortgages?
Written on 13 Sep, 2014 at 1:24
Reverse mortgages are an extremely important financial tool for millions of Americans... and more and more every day. When Dave Ramsey writes about them, he needs to be accurate... and he's not. And that's a problem. ... (Continue reading)
University Professors Research Reverse Mortgages, Set Record Straight – A Mandelman Matters Podcast
Written on 11 Sep, 2014 at 7:09
Professor Johnson was actually primarily motivated to study and write about reverse mortgages by the the media's horribly slanted and generally inaccurate coverage of reverse mortgages, and he shares some examples that will make you cringe. A GREAT INTERVIEW FOR... (Continue reading)
How & Why to Retire South of the Border (at least Part-Time)
Written on 5 Sep, 2014 at 17:02
If you've been reading what I've been writing about reverse mortgages over this past year, it should be becoming clear that they are incredibly flexible and can be used for many purposes... from protecting a home from foreclosure in the... (Continue reading)
Why Doesn’t Every Realtor in the Country Know About This?
Written on 31 Aug, 2014 at 19:49
Now, you tell me... why doesn't every single Realtor in the country know about this older-buyer assistance program from HUD? I know it's relatively new... since 2009... but that's still five years ago. How long should it take... (Continue reading)
IF YOU’RE 62+ AND STILL PAYING A MORTGAGE… Here are 7 Reasons You Can End Up in Foreclosure and How to Protect Your Home Now
Written on 26 Aug, 2014 at 18:22
Now, I'm not saying that anyone should have known about any of this. The fact is that his article, and others I've written in the recent past, appear to be the first in the country to propose switching to... (Continue reading)
Use a Reverse Mortgage to Prevent Foreclosure and to Leave Your Home to the Kids Free and Clear
Written on 19 Aug, 2014 at 19:09
In fact, by doing it with a HECM mortgage, you increase your chances of being able to leave your home to your kids free and clear because you've eliminated the risk that you'll end up in foreclosure because you couldn't... (Continue reading)
Why the Media Misinforming Seniors on Reverse Mortgages is Wrong and Even Dangerous
Written on 14 Aug, 2014 at 8:28
And reverse mortgages keep homes safe from foreclosure, and millions of seniors have lost homes from foreclosure over the last five years. Many were denied loan modifications because they had equity in their homes. I can't help but... (Continue reading)
Was it worth it? Yeah, to me it definitely was. (For you maybe the reverse is true.)
Written on 8 Aug, 2014 at 5:47
If you switch your traditional mortgage to a reverse mortgage and you miss a payment, no one cares... if you miss three payments, no one cares... want to take the whole year off and make no mortgage payments... perfectly fine...... (Continue reading)
Even with $2 million in the bank, you should still have a reverse mortgage
Written on 5 Aug, 2014 at 4:17
Having saved $2 million in your retirement nest egg is a wonderful accomplishment, and if you've done so, you are to be commended. But, it does not mean that you have nothing to worry about when facing what could... (Continue reading)
U.S. News & World Report Presents 4 Alternatives to a Reverse Mortgage
Written on 30 Jul, 2014 at 10:42
If a company was misinforming seniors about reverse mortgages with deceptive advertising in order to sell them on reverse mortgages, everyone would be disgusted and demand that it stop. So, why would anyone be any less outraged with U.S.... (Continue reading)
HUD to Resolve Key Reverse Mortgage Issues Going Forward
Written on 2 Jun, 2014 at 8:36
How would you like to find out that no one had told you that you had easy access to several hundred thousand dollars, and so not knowing, you made other plans that you didn't want to make and wouldn't have... (Continue reading)
Major Media Misinforms, Scares Seniors on Reverse Mortgages
Written on 23 May, 2014 at 7:51
I can't help but wonder how many seniors have made less favorable decisions as a result of biased and wholly inaccurate reporting on reverse mortgages, but it's impossible for me to believe that it's not quite a few. How... (Continue reading)
Motley Fooled by Reverse Mortgages – New York Times No Better
Written on 13 May, 2014 at 12:17
If you've seen one article about the "risks" or "perils" or "nightmares," associated with reverse mortgages, you've quite literally seen them all. It feels almost like one writer started a chain letter on the subject, and the rest of... (Continue reading)
CNBC’s Diana Olick makes sure no one understands reverse mortgages, I make sure they do.
Written on 12 May, 2014 at 6:52
I'm constantly amazed at the negative press and misconceptions surrounding reverse mortgages, because the bottom-line is they are an absolutely wonderful product that almost everyone over 62 years old should have, and yet in a year of talking to seniors... (Continue reading)
Heirs of Reverse Mortgage Holders Should be Happy, Happy and Happy
Written on 11 Apr, 2014 at 5:09
The reverse mortgage is the only vehicle that allows the flexibility of repayment terms that includes no repayment at all until after the death of the second spouse. There's nothing else like the HECM reverse mortgage... we should all... (Continue reading)
Who Doesn’t Need a Back-Up Plan for a Secure Retirement?
Written on 7 Jan, 2014 at 14:55
Maybe the wealthiest retirees can get by without taking out a reverse mortgage as a way to protect their financial futures, but for the rest of us... not having funds from a reverse mortgage available is what's risky. And... (Continue reading)
We’re Looking at a Retirement Crisis, Because We’re Gambling Unnecessarily
Written on 18 Nov, 2013 at 17:46
It's like we're "Risk Junkies." What could be riskier than betting on the stock market going up and future tax rates staying the same or going down? Are we nuts? The answer is... we've been lied to. ... (Continue reading)
HUD Revises the Rules Related to Reverse Mortgages
Written on 12 Sep, 2013 at 5:33
HUD's new rules related to reverse mortgages are just a part of those changes made in the wake of the financial crisis and resulting economic meltdown, and in fact, relative to changes made that affect other areas of mortgage finance,... (Continue reading)
Reverse Mortgage Nightmares Should Never Happen – Top 10 Misconceptions About Reverse Mortgages
Written on 2 Aug, 2013 at 21:08
I've learned that the reverse mortgage is one of those products that isn't well understood at least as often as it is. Ask anyone what they think about reverse mortgages, and you'll get answers from one end of the... (Continue reading)
Creative Uses for Reverse Mortgages… That You’ve Probably Never Considered
Written on 16 Jul, 2013 at 4:07
I can't think of anything that's anything like a reverse mortgage. And the more I think about how they work and can be structured, the more uses for them come to mind. For example, one of the best... (Continue reading)