Mortgages: A mortgage is an agreement between you and a lender, typically a bank or mortgage company, that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your home or property if you fail to repay the money that you borrowed. A mortgage payment is typically made up of four components: principal, interest, taxes and insurance. The Principal is the amount that pays down your outstanding loan amount. There are multiple types of mortgages, including fixed rate mortgages, adjustable rate mortgages, VA loans, jumbo loans, and reverse mortgages. FinStream TV’s Mortgage Center features short videos to help you learn about mortgages
Robert Klein CPA from the Retirement Income Center reviews Sequence of Returns Risk with a HECM Mortgage - a home equity conversion mortgage (HECM) which is a type of reverse mortgage that is insured by the Federal Housing Administration (FHA).
Robert Klein, CPA from Retirement Income Center discusses the difference between a HECM (home equity conversion mortgage) and a HELOC (home equity line of credit).