No, that’s not a typo. HECM stands for Home Equity Conversion Mortgage, the FHA brand of reverse mortgages.
“What the HECM is a reverse mortgage and what the HECM does a real estate investor care about them?” you may ask. Well, that’s what today’s show is all about!
Sitting backwards in their chairs for today’s episode:
- Host, Robert Helms
- Co-Host and Financial Strategist, Russell Gray
- The Godfather of Real Estate, Bob Helms
- Certified Mortgage Planner and Reverse Mortgage Expert, Mark Soto
Consistent with The Real Estate Guys’ policy of “No Listener Left Behind”, we open the show explaining the basics of what a reverse mortgage actually is and how it works. They sound simple, but when you have bankers, lawyers and politicians involved, simple goes out the window! Plus, today’s products aren’t your parents’ reverse mortgages – well, actually they may be (depending on how old your parents are), but the point is that the product has changed a lot since it was first introduced. Mark Soto brings us up to speed on the state of the art.
Mark explains who qualifies and the various options for getting cash, cash flow or credit. One very important discussion topic is the role of FHA insurance. We also take the time to deal with several of the many misconceptions about reverse mortgages and how this product fits into our “new” economic landscape.
The Real Estate Guys really enjoyed the real life stories Mark shares about how his clients have used reverse mortgages creatively. As real estate investors, we’re most interested in how to use any tool in our toolbox to make a profit, improve cash flow, avoid taxes and protect assets. We wrap the show up by delving into these hot topics.
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