Does a Reverse Mortgage Support Health Care Costs?
Monday, July 21, 2014

Does a Reverse Mortgage Support Health Care Costs?

When planning for retirement, it is important to factor in the cost of health care. According to Fidelity Benefits Consulting, a 65-year-old couple retiring this year will need about $220,000 to afford health care costs throughout retirement.1 This amount only covers basic health care expenses for retirees with Medicare coverage and does not include any […]

Can a Reverse Mortgage Extend Retirement Savings?
Tuesday, July 15, 2014

Can a Reverse Mortgage Extend Retirement Savings?

We all know we need to save for retirement. But what if you’re already retired, or retirement is just around the corner, and you don’t have the savings you had expected at this point? In a 2010 poll by Allianz Life Insurance Company of 3,257 people ages 44 to 75, 61 percent said they fear […]

Is A HECM For Purchase Right For You?
Tuesday, July 8, 2014

Is A HECM For Purchase Right For You?

Some seniors want to remain homeowners, but not necessarily stay in their current home. These homeowners may have the ability to use a reverse mortgage loan to use the equity they have in their current home to move to another home while doing away with their monthly mortgage payment1 by using a HECM for Purchase. […]

Financial Strategies For Retired Homeowners
Monday, June 30, 2014

Financial Strategies For Retired Homeowners

The economy has suffered in the past few years and the housing market was especially hard hit. Senior homeowners may have felt the brunt of the housing crisis as early retirement threatened mortgage payments and years of built up equity diminished with the falling home prices. As the market recovers many homeowners are seeking answers […]

How Are Seniors Spending Their Money?
Monday, June 23, 2014

How Are Seniors Spending Their Money?

There are more than 40 Million people who are 65 years old or older living in the United States today1, and many are just not financially prepared for retirement. The United States Census Bureau reports that in 2010, the median annual income for households ages 65 and older was $31,408 while the median income for […]

What Heirs Need to Know About Reverse Mortgage Loans
Monday, June 16, 2014

What Heirs Need to Know About Reverse Mortgage Loans

Homeowners considering a reverse mortgage loan may be concerned of how it may affect their heirs. Likewise, their loved ones may be worried that a reverse mortgage loan sounds too good to be true. However, reverse mortgage loans can be an excellent financial opportunity for senior homeowners who qualify. Reverse mortgage loans allow homeowners age […]

Retirement Living Options Defined
Monday, June 9, 2014

Retirement Living Options Defined

Do you know the difference between an active adult, continued care, retirement and independent living community? The American Seniors Housing Association and National Investment Center for Senior Housing and Care Industries, agreed on these standard definitions:1 Active Adult Communities are restricted to adults aged 55-plus years old. These communities often include single-family homes, townhomes and […]

Reverse Mortgages: Myths and Realties
Thursday, June 5, 2014

Reverse Mortgages: Myths and Realties

As with many financial products, reverse mortgage loans can be complicated to understand at first, so there may be a number of misconceptions about how the product works. Below are a few of the common myths and realities. Does the borrower own the home? Yes. The borrower will retain the title and ownership during the […]

New Reverse Mortgage
Wednesday, May 28, 2014

New Reverse Mortgage

The new reverse mortgage can be beneficial for senior homeowners who have built significant equity in their homes, and need a source of supplemental income. If you are house rich but cash deprived, a reverse mortgage may be able to bridge the financial gap. A Home Equity Conversion Mortgage (HECM), also known as a reverse […]

Retirees at Risk From Rising Mortgage Debt
Tuesday, May 20, 2014

Retirees at Risk From Rising Mortgage Debt

Of the 40 million Americans who are 65 or older, about 80 percent own their homes.  This is the highest rate of home ownership in all of the age groups and the rate of home ownership for this group has remained steady over the last decade. According to the Consumer Finance Protection Bureau’s study1, the number […]