I'm always amazed at the vast variety of ways my clients use their HECM (Home Equity Conversion Mortgage) or 'reverse mortgage' proceeds. I try to see my clients regularly and see how their lives have changed since they took out a HECM.
I finally got a hold of Lauren (seen in above photo riding a Camel in Cairo) after a couple months. She just got back from Athens, Cairo, and Jerusalem with her granddaughter. I learned all about her trip as we enjoyed wine tasting and the amazing view at Loma Prieta Winery in the Santa Cruz mountains.
Another client, Claudia, is leaving on a trip to Europe this summer with her new beau.
Bob is having cataract surgery, so his HECM line of credit is going to come in handy, he recently told me over coffee at Aptos Coffee Roasting Company.
Elizabeth's spectacular, 1904 Victorian in Monterey is finally getting a new roof.
Shelly is paying off high-interest credit cards and allowing the rest of her HECM line of credit to grow for a rainy day, I learned recently while she and I enjoyed the lunch buffet at Miyako's in Capitola.
And Richard is pulling the switch and retiring as the cash he converted from the equity in his home helped pay off a prior mortgage. He’s looking forward to spending more time in his garden this summer!
The question is: How would YOU use the extra money from a HECM?