By Paula Woessner

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By Paula Woessner

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Brenda, age 65, was absolutely sick of working.She had toyed with the idea of quitting for years, but decided she simply could not afford to live off social security and her small retirement account.The IRA and savings would be drained in less than a year without income.She was a secretary for an oil drilling company executive.Her boss was not a terrible boss, as bosses go.But he was certainly a boss, and Brenda wanted to be free of someone to answer to in her golden years.

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Brenda, age 65, was absolutely sick of working.She had toyed with the idea of quitting for years, but decided she simply could not afford to live off social security and her small retirement account.The IRA and savings would be drained in less than a year without income.She was a secretary for an oil drilling company executive.Her boss was not a terrible boss, as bosses go.But he was certainly a boss, and Brenda wanted to be free of someone to answer to in her golden years.

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Helen, in late 2003, was about two years removed from losing her husband Edward. She had not handled the family finances and was overwhelmed when faced with dealing with bills, monthly income, mortgage payments, and savings. There was only about $8,000 in savings at the time of Ed’s death. Furthermore, Helen’s monthly income was about $1,600 and the mortgage payment remaining on the home was just under $800 per month.

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Helen, in late 2003, was about two years removed from losing her husband Edward. She had not handled the family finances and was overwhelmed when faced with dealing with bills, monthly income, mortgage payments, and savings. There was only about $8,000 in savings at the time of Ed’s death. Furthermore, Helen’s monthly income was about $1,600 and the mortgage payment remaining on the home was just under $800 per month.

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The following is a list of each year and the corresponding  HECM reverse mortgages for that year. The HECM or home equity conversion mortgage makes up about 90% of all reverse mortgages issued.  HECM reverse mortgages are insured by the federal government through the Federal Housing Administration (FHA).

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The following is a list of each year and the corresponding  HECM reverse mortgages for that year. The HECM or home equity conversion mortgage makes up about 90% of all reverse mortgages issued.  HECM reverse mortgages are insured by the federal government through the Federal Housing Administration (FHA).

(more…)