This is Bill Hornbeck, your reverse mortgage expert. Thanks for joining me today because we are going to discuss a most incredible financial product..and yet…one that is also the most incredibly misunderstood product in the home equity financing market. And that’s the Reverse Mortgage loan.

Actually more formally known as the Home Equity Conversion Mortgage, those of us in the industry normally call the program by its initials H-E-C-M – in which we speak the acronym as HECM.

But, most everybody just calls it the reverse mortgage. And that’s what I will use most of the time, although I personally prefer to refer to the product as a Senior Lifestyle Mortgage. You can learn more about that by visiting our site at

For now, I am going to walk you through the product in what I hope will be a clear and concise way for you to learn the underlying elements --- pieces that will help you connect the most important aspects of this unique home equity financing product with the flexibility and understanding that will enable you to use your home equity as a powerful financial tool to be used along with, not instead of, a sound financial plan. I will break the podcast sessions into the 3 Primary Uses of the product. Because you may think of the product as a Reverse Mortgage, the reverse mortgage loan is actually just one of the three options available to senior homeowners under the terms of the Home Equity Conversion Mortgage.

I call it the HECM Equity Triangle, with one side representing the basics of the Reverse Mortgage. The other 2 sides highlight a couple of other options--- one relates to Wealth Management in which you can initiate a very special Home Equity Line of Credit. The other describes the HECM for Purchase option which lets people over the age of 62 actually buy a new home, or downsize to a retirement condo, with very unique loan terms.

We’ll talk about each of the 3 options over a series of podcasts, so you will want to continue to listen to the entire 3-part series.

For now, we will start by discussing one side of the HECM Equity Triangle…the Reverse Mortgage loan. Let’s begin…