Reverse Mortgage Myths versus Realities
Tuesday, December 6, 2016

Reverse Mortgage Myths versus Realities

A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration insured loan (FHA). A reverse mortgage enables seniors 62 or older to access a portion of their home’s equity to obtain tax free1 funds without having to make monthly mortgage payments.2 Reverse mortgages are complex products, and there […]

What Does Financial Assessment Mean?
Wednesday, November 16, 2016

What Does Financial Assessment Mean?

Many changes have been made over the last few years to help strengthen and improve the reverse mortgage program. For example, guidelines limit the amount of loan proceeds that are disbursed within the first year of the loan. The most recent changes were implemented last year in an effort to reduce the number of defaults. […]

How Much Will Health Care Cost You In Retirement?
Tuesday, November 1, 2016

How Much Will Health Care Cost You In Retirement?

Estimating how much you’ll need to budget for health care in retirement can be difficult. Since this is often the largest expense for retirees, it’s important to make sure you set aside enough funds. Luckily, new data from Fidelity Investments may be able to help. Each year, Fidelity estimates the price of health care for […]

Strategies for Reducing Expenses in Retirement
Thursday, October 20, 2016

Strategies for Reducing Expenses in Retirement

Are you running short on funds for retirement?  It might be time to think about ways you can reduce your expenses. Below are some strategies that may be able to help:   Having a plan – Your plan should allow for a modest, but comfortable lifestyle.  In addition, it’s critical that your plan is realistic and within your […]

An option to supplement your retirement savings
Tuesday, September 27, 2016

An option to supplement your retirement savings

If you’re like most retirees you probably pictured your retirement years spending your time doing the things you enjoy – more time with family, hobbies, travel, living comfortably in your home, and so on. But can you afford to live your post-paycheck life the way you always hoped? According to research from the National Retirement […]

How can a reverse mortgage help you when interest rates rise?
Thursday, September 8, 2016

How can a reverse mortgage help you when interest rates rise?

If the Federal Reserve raises rates, consumers will likely feel the effects.  When rates go up, banks tend to increase the prime rate, and this will have an impact on certain financial products.  A prime rate is the lowest rate of interest at which money can be borrowed at commercially. So when the federal government […]

What are Today’s Key Retirement Challenges?
Wednesday, August 24, 2016

What are Today’s Key Retirement Challenges?

The Bipartisan Policy Center (BPC), a Washington D.C. nonprofit organization, recently conducted research to find solutions to the nation’s biggest challenges when it comes to achieving retirement security.  The six challenges are outlined below, including what steps you can take to address them. Workplace retirement savings plans According to the BPC, only 49% of workers […]

Funding the Cost of Long Term Care
Tuesday, August 9, 2016

Funding the Cost of Long Term Care

“Like death and taxes, long-term health-care expenses are becoming another certainty in life.”  Therefore, planning ahead will help to greatly reduce the stress of paying for long-term care should the need arise.  According to a recent article, the average cost of health care for a healthy 65 year old retiring couple is just under $395,000.  […]

Have You Saved Enough For Retirement?
Tuesday, July 26, 2016

Have You Saved Enough For Retirement?

According to a recent article on money.cnn.com, starting a disciplined savings regimen as early as possible is the key to living a more comfortable retirement.  If you’re willing to spend less today, then you have a better chance of having enough to spend tomorrow.1 The article gives an example of a 48 year old man […]

How Can You Get More Money In Retirement?
Wednesday, July 13, 2016

How Can You Get More Money In Retirement?

Most of us look forward to our golden years and the chance to finally work on our hobbies and spend more time with family.  However, one potential down side to retiring is having less income than what you’re used to living on.  Luckily, there are a number of actions you can take to improve your […]