Under President Reagan, it was recognized that for many Americans, their single greatest asset is the equity in their homes. For those in or approaching retirement, tapping into that equity could make the difference between a comfortable retirement or one of just getting by. Therefore, in 1989, the Home Equity Conversion Mortgage (HECM) was created. Even through this was launched 28 years ago, the “reverse mortgage” has been used by a little more than 1 million Americans. It still remains a bit of a mystery, and has a “dark cloud” over it due to other products that were introduced in 2005 – 2008 that did not perform well. Today, however, more Americans that ever are using (or being approved for) a reverse mortgage. Listen to our broadcast today to find out why!
Wade D. Pfau, Ph.D., CFA is a Professor of Retirement Income at the American College in Bryn Mawr, PA, founder of www.retirementresearcher.com and author of the highly acclaimed book called, Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement and is available on Amazon.com. Dr. Pfau can be reached at Wade@RetirementResearcher.com or (610) 526-1569.
Jim Stanko, in his earlier career, headed a $4B hedge fund for Oppenheimer Government Securities, Inc. Now, he is an adviser to attorneys, CPA’s and financial advisers in the use of reverse mortgages in his role with Reverse Mortgage Funding, LLC. He can be reached at JStanko@ReverseFunding.com or (858) 922-4766.1 What Is A Reverse Mortgage & Could I Get Kicked Out of My Home Someday? / 2 Nationally Regarded Retirement Expert Wade Pfau Explains the Specifics of HECM