HECM for Purchase offers alternative to 401(k) down payment plan

Shannon Hicks, co-founder of Reverse Focus and editor in chief of HECMWorld, said in video published Monday that even though the proposal sounds like an easy and attractive solution, it comes with major drawbacks. While the change could help buyers access the housing market, Hicks warns it could weaken long-term retirement security.

Under current law, early withdrawals face a 10% penalty…