Not a Loan of Last Resort: Financial advisor clarifies a common misconception about reverse mortgage loans

A common misconception about home equity conversion mortgage loans (HECMs), commonly called reverse mortgage loans, is that they are a “loan of last resort.”

In this short video, Jim Thompson quickly clarifies why that really isn’t the case.

For those who would like to use a reverse mortgage as a last resort, they may find that it is too late.

But as Jim explains, reverse mortgage loans can can be a powerful tool for affluent seniors.

He sees great value in the HECM line of credit for this demographic, and believes that the unique method of repayment for a HECM loan is particularly appealing once people really understand how it works.

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