EPISODE #849
What’s a reverse mortgage vacation?
Other Stories:
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[CBS News] Here’s how much a senior would pay for a $60,000 HELOC.
- [Money Wise] Why the Fed’s rate cut is good news for retirees.
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Shannon Hicks
Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
1 Comment
While I see Harlan’s point and congratulate him on his actions, many of the HECMs that I originated in the prior decade would not provide adequate proceeds to allow the borrowers to take such vacations as well as pay off their existing mortgages; the majority were house rich but cash poor. However, for those who are in Harlan’s financial situation, such vacations may be a great idea depending on their relationship with their family.
Are HECMs for everyone? Should people go into debt to do what Harlan and his family did? I strongly believe that reverse mortgage vacations can be appropriate just not for all. However, there is nothing wrong in recommending it!!