Lots of seniors will run out of money in retirement. HECM helps.

By Mike Brown, LendEDU · 6,599 views · More stats

Loose management of finances, such as taking on too much debt or not saving enough, could lead to irreversible damage when it comes to retirement.

What’s more, you often don’t find out if you’ve made a financial mistake until much later in life. That’s why we decided to survey senior citizens to see what they would change about their financial planning if they could go back to their youth when they first started working. It might be too late for them to make changes, but others certainly can benefit from their advice and benefit of hindsight.

“I wish I had known about this before I had taken out the home equity line of credit.”

When developing a new television spot, Reverse Mortgage Funding decided to take page out of the Cola Wars handbook, inviting real consumers to take “the HELOC Challenge.”

Decades after Pepsi famously dared soda drinkers to see whether they preferred its flagship product over Coca-Cola in a series of iconic commercials, RMF undertook a similar experiment with Home Equity Conversion Mortgage-eligible borrowers. But instead of two cups of cola, the borrowers received information about a traditional home equity line of credit (“Product A”) and a HECM line of credit (“Product B”).