Catching Up With The Truth

  • October 6, 2016

My industry has been basking in the favorable light of renewed respect and acceptance.  Ever since the Reverse Mortgage Stabilization Act of 2013 and various subsequent rules that have been implemented, the professionals who deal with seniors are definitely on board!  Realtors, Financial Planners, Advisors, Elder Law Attorneys, CPAs and many others are aware of the increased safety and lower costs that a HECM (Home Equity Conversion Mortgage) now boasts.  But it occurred to me that “the folks” out there that are not keeping an eye on legislation and rules are probably unaware that the myths and misconceptions so shamefully planted in their heads are simply not true!  By the way the truth applies equally to a refinance or to a purchase using the HECM.  Even those who make an honest, open minded effort to research the HECM program will find a great deal of bad information.  So let’s take a look at some truth here.