HECM

Creating a Family Reverse Mortgage 

In the wake of big banks deciding to exit the reverse mortgage industry and a potential reduction in lending limits, an article in The Wall Street Journal suggests that some families may be better off seeking a way to create their own reverse mortgage.   The article that an alternative to a HECM reverse mortgage, adult children could reduce costs and paperwork of a reverse mortgage mortgage by purchasing their parents home, or setting up a private reverse mortgage to help their parents tap the equity in their home. In either case, children would essentially provide financial support for