F3: Is Tom Selleck right? Is it a Reverse Mortgage or an RELOC?

If you've ever seen any of his commercials, you may have found yourself wondering how a reverse mortgage actually works and if it's something worth considering for you, your family or any of your friends. How does it differ from a traditional (forward) mortgage? Is it all that different from a Retirement Equity Line of Credit (RELOC)? There are a lot of common misconceptions to wade through in order to fully understand these financial products. However, at the end of the day, it is still a (highly regulated) financial product and there is no financial product that is right for everyone.

Purpose: Learn about reverse mortgages and retirement equity lines of credit

Facilitator: Mike Crossett