The HECM has been blamed for causing problems for some seniors in the past which has unfortunately given reverse mortgages a bad reputation, but the reality is, the problem is not reverse mortgages.
You do not need to look very far to find something that points to the fact that we have a looming housing crisis on our hands in this country.
So, let’s break some of these issues down and get a better understanding of the challenges and what we can expect going forward:
You might ask yourself, why would I want to make mortgage payments if I’m not required to make mortgage payments? Well, there are a few advantages of making payments with a reverse mortgage that you don’t necessarily get with a traditional mortgage. So let me explain.
Over the last 35 years, there have been dozens of changes and improvements to make reverse mortgages better and safer than they had been historically.