Whether you live in Los Angeles, Pasadena, San Diego or Orange County; Some may think that Reverse Mortgages are only for mature homeowners that are struggling financially. This is no longer the case. Most Reverse Mortgages today are the Government insured HECM (Home Equity Conversion Mortgage) products. There have been quite a few changes in recent years that has made these products safer and more sustainable for years to come. In September of 2013 HUD created incentives to limit the amount taken out in the first year would stay under 60% of the maximum payout. This allows for more equity to remain in the property for years to come. In 2014, HUD now requires All potential HECM clients to undergo Mandatory counseling Before starting the loan process; this ensures that candidates better understand the program before starting the process.
Bear Market Standby Account
With these new rule changes, thousands of homeowners have chosen to leave some of their RM money in an insured Line of Credit that can be accessed when needed. Most people must rely on IRA’s, their savings, and 401k’s to live on when they retire. The inevitability of future bear markets can create serious risk for this income. In a future bear market, homeowners may need to pull from the principal in these accounts for money to live on. This can cause the investment account to go into a death spiral because the lowered principal balance is too low to provide sufficient income.
The Reverse Mortgage Solution
Taking an initial lump sum from your reverse mortgage and leaving a significant amount in the Line of Credit may be a safe alternative. The HECM Line of Credit guarantees that the amount available can never be frozen or taken away. In fact, there is a growth rate attached to any amount available on your Reverse Mortgage Line of Credit. In lieu of drawing from an investment account during a bear market, you can draw on the RM Line of Credit for any monies needed. When Bull Markets return, you can always repay any of the money taken out if you would like, but this is not necessary. Traditional bank loans or Lines of Credit can be risky because the amount available to borrow can be frozen or taken away when home values drop. This is exactly what happened in 2008 when home values plummeted. Many older homeowners had been making mortgage payments out of their Line of Credit accounts and ended up losing their homes when the LOC was taken away. Reverse Mortgage Lines of Credit are FHA insured to never be frozen or taken away no matter what the home value does. Mature homeowners need not worry about income or credit requirements as the Reverse Mortgage has no income requirements and very few credit requirements. You may find, the best time to prepare for a Bear Market is during a Bull Market. Click Here to see what a Reverse Mortgage will do for you.
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