As you have read in my weekly posts, the HECM (Home Equity Conversion Mortgage) program is rapidly evolving from a needs based application to a financial planning application. The use of a growing, guaranteed line of credit for future needs is now recognized by Financial Planners, CPA’s, Elder Law Attorneys and other professionals as a terrific planning tool. It protects against inflation and property value declines while building a safety net for the future.
Most of my clients fall into the category of using a HECM for planning. It is very inexpensive to set up this “stand-by reverse” and the rewards are obvious. I get a great deal of satisfaction knowing that those funds are guaranteed to be available to my clients whenever needed. The line can never be reduced or eliminated or called no matter what happens to property values. And the growth of the available tax free cash is phenomenal.
But what continues to tug most strongly at my heart are those clients who are able to dramatically improve their lives now with this wonderful tool. Let me review just some of those that stand out for 2013:
Those scenarios are heartwarming examples of how the proper use of this government program can truly be a blessing. I wish I had time and space to tell you about not just the impact of the program on these and other fantastic people that I have met and helped but about these people themselves. They have taught me so much about how to concentrate on the things that matter. They have also reaffirmed for me that people are good!
2013 has been a great year! I hope it was for you as well. 2014 promises to be even better.
My very best wishes to you for a 2014 that is full of the things that matter.