Years ago when I began my career helping seniors improve their retirement through the use of home equity, the HECM program was pretty much a solution for difficult circumstances. Seniors who were having a tough time meeting expenses and enjoying their golden years were able to ease financial burdens by unlocking their home equity in a way designed specifically for them. The program began in 1989 and served a noble purpose. The purpose for years was to “age in place” with easy qualifying and no mortgage payments. That purpose is still relevant for many and is still noble. Stricter qualifying and distribution safeguards have made it much safer and because of that the financial planning community as well as elder law attorneys and others who serve seniors have heartily embraced the program.
Today the HECM loan is an integral part of planning strategies and leading financial publications are singing its praises. This week we show you a Forbes piece that identifies 5 strategies that were unheard of until the last few years. These applications bear little resemblance to what was happening when I finally found out almost 8 years ago at age 58 what I was supposed to be doing professionally. Some of us are slow learners but no complaints. I have the best job in the world! Please take a look at 5 strategies here.