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

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

Irresponsible 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”).

Restart your conversation in 2018. Frequently Asked Questions about HUD’s #HECM62 Mortgages

The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program, which enables you to withdraw some of the equity in your home.  The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more. It is smart to know more about reverse mortgages, and decide if one is right for you!

Or, if you prefer, call or email Warren Strycker, senior veteran mortgage lender representative to review your thoughts about this amazing product. Call 928 345-1200 or email warren.strycker@patriotlendingreverse.com. Strycker is responsible for this information webpage, Gofinancial.net where informational articles investigate the HECM Reverse Mortgage. Strycker recommends the HECM to get your affairs in order.