Myths Can Cause Missed Opportunity

  • August 3, 2015

The tide is certainly turning regarding the misconceptions that still abound regarding the HECM (Home Equity Conversion Mortgage) program.  Many professionals who are committed to helping elderly Americans manage their retirement have seen past the myths and have seen the benefits of the proper application of this financial tool.  Some professionals are still in the dark but the tide is turning.  But ask your brother-in-law, your son, the astute professor or especially your hair stylist and you will almost certainly get the myths.  Loudly and vehemently!  I am often amazed at how these “experts” are able to confidently conclude that you should run as fast as you can from a HECM product.  Of course their adamant objections hold no water when compared to the demonstrable facts.  But we can’t blame them.  Myths by their nature are passed on without investigation.  Of course there are real concerns about using a HECM product and I always address them.  Finding an appropriate fit is my most serious obligation.  Please take a look at the dispelling of some of the myths by one financial columnist from OnWallStreet here.