I’m Scott Funk, and I’ve specialized in Home Equity Conversion Mortgage reverse mortgages for over a decade. Along the way, I’ve learned a lot about how these programs can work from my clients that have them. We created this site so you could find the answers to your questions about reverse mortgages without the hype, calculators, movie stars or pressure to give up more information then you get. You can search through over 100 questions and answers, check out the Glossary or explore the blogs. We post Tuesdays about reverse mortgages and Fridays about being an aging Boomer. Our intent is to share our experiences whether complicated or funny. ’Hope you find the site useful and share it with your friends. We also look forward to hearing what you think. After all, we’ve tried to create it with you in mind. If you have questions, I really do want to answer them.
What is your question?
If you have questions I’d like to answer them Please keep in mind these are my answers and may not reflect legal definitions, the views of my employer or the general consensus of the reverse mortgage industry
Let us begin with understanding that there are no institutions loaning money in a reliable and predictable manner for free. When money is borrowed, it must be paid back and some amount of interest will be due. For the borrower, what matters is how much interest, when payments are required, and at what point the entire debt must be repaid. Ideally,
It’s been an issue since the decision not to include a reverse mortgage calculator on my first website over 10 years ago. “Everyone is looking for a reverse mortgage calculator” was the argument or “Every other reverse mortgage website has a calculator. You have to have one.” A decade later, I still don’t have a calculator on my website. But
So, what’s a HELOC and why are things changing with them? Well, a HELOC is a Home Equity Line of Credit. This is an equity line, with an adjustable rate. Usually, only interest payments are required during the first 10 years of the note. After that, they reset to include principal payments sufficient to retire all the debt in the remaining year