A New Economy: How Older Americans Are Making Due
As Congress looks for ways to trim down the nation’s deficit, many American households—especially older ones—are also tightening their belts as they prepare for retirement. The economic downturn has left middle class seniors with their own deficit in the form of a loss of security, says an AARP report based on December 2011 research regarding [...]
Older Americans Experiencing Increased Credit Card Debt
In light of the worst economic downturn in decades and rising costs of health care, older Americans today are carrying more debt than ever on credit cards—even more so than their younger counterparts. In 2012, the typical 50-plus household carried an average credit card balance of $8,200, according to a recent AARP report. That compares [...]
Post-Recession Boomers Delaying Retirement
The Great Recession affected Americans across the age spectrum, but older Americans especially have been dealt a tough hand as they have less time to recover from the economic downturn and are being forced to delay retirement. “Boomers have had a rough ride over the past several years. The recession and its aftermath have left [...]
Reverse Mortgage Loan Limits
As a federally-insured loan, a Home Equity Conversion Mortgage comes along with certain requirements and stipulations set by the Department of Housing and Urban Development. One of those requirements is subject to change and a recent move by HUD makes it easier for borrowers to obtain more proceeds from a federally-insured reverse mortgage right now. [...]
Few Americans Financially Ready for Longevity, Long-Term Care Costs
If you don’t feel you’re financially prepared to live beyond the age of 75, you’re not alone—less than half of Americans believe they are. In 2012 alone, about 9 million Americans over the age of 65 will have received long-term care services, and by 2020, that number is expected to reach 12 million, according to [...]
What is the Dodd-Frank Act and How Does it Affect Me?
What is the Dodd-Frank Act? The current economic crisis has led to the creation of tighter regulations in the finance industry in hopes of protecting the consumer and preventing a repeat of the 2008 recession. One of the safeguards recently passed into law is the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). [...]
Enhance Your Retirement By Tapping Into Your Home’s Equity
You may have considered how your home equity can work for you in retirement through the use of a reverse mortgage. Whether you have saved for retirement or not, this type of loan may be able to help, according to a recent study from the Boston College Center for Retirement Research. A Federal Housing Administration [...]
Top Cities for Successful Aging
College towns often make good retirement destinations for aging according to the findings in a recent study released by the Milken Institute. The study surveyed and ranked more than 350 cities and metro areas across the U.S. to find the best locations for retirees to spend their aging years. The Milken Institute is a nonprofit, [...]
Announcing Reverse.org’s New Glossary of Reverse Mortgage Terms
We are pleased to share with you our updated reverse mortgage glossary of terms. For those who are new to the reverse mortgage loan process or want to better understand the terminology involved in researching reverse mortgages we hope you will find our new glossary useful. Within our guide you will find definitions for reverse [...]
Can Reverse Mortgage Loan Proceeds Be Used to Buy a Second Home?
A reverse mortgage loan allows homeowners 62 years and older to access the equity in their primary residence. The Federal Housing Administration (FHA) insures reverse mortgage loans through its Home Equity Conversion Mortgage (HECM) program. Purchase a Second Home with Loan Proceeds from a Reverse Mortgage Borrowers who take out a reverse mortgage are able [...]