Get a Reverse Mortgage Before You Need It
August 1, 2017

Get a Reverse Mortgage Before You Need It

For a long time, reverse mortgages have been negatively perceived as a last resort for people who are strapped for cash in retirement. Another common misconception is that a reverse mortgage is like selling your home to the bank. However, these perceptions are far from true. Not only do homeowners retain the title on their […]

Reverse Mortgage: An All-Purpose Retirement Planning Tool?
July 11, 2017

Reverse Mortgage: An All-Purpose Retirement Planning Tool?

For senior homeowners who have accrued home equity, a reverse mortgage provides access to cash. Plain and simple. There are a range of reasons why a homeowner might want to access the money in their home. However, real estate is not typically a liquid asset. You cannot simply sell your home to access the funds, […]

Enjoy Your Life After Retirement
June 30, 2017

Enjoy Your Life After Retirement

You’ve worked for much of your life. Now it’s time to focus on fulfilling your retirement goals; however, if you are on a fixed income and concerned about finances, a rewarding retirement can be tricky. If you would like to live retirement to the fullest, but financial worries are holding you back, a reverse mortgage […]

Deciding If a Reverse Mortgage is Right for You
June 15, 2017

Deciding If a Reverse Mortgage is Right for You

Reverse mortgages can be confusing, so it’s important to be informed and separate fact from fiction. Invite your family to be part of the process as well, so that everyone is on the same page. “Many senior homeowners who could truly benefit from a reverse mortgage have been discouraged from even looking into one by […]

What is the Role of Children in the Reverse Mortgage Process?
June 7, 2017

What is the Role of Children in the Reverse Mortgage Process?

Including your children in the decision to get a reverse mortgage is a key part of the process. Laurie Goodman, co-director of the Housing Finance Policy Center at DC’s Urban Institute, emphasized the importance of what she describes as intergenerational communication and collaboration. While it’s nice to leave something to your children, Goodman suspects that […]

Can You Stop a Reverse Mortgage?
May 23, 2017

Can You Stop a Reverse Mortgage?

Entering into a reverse mortgage is a big decision. It’s important to do your research and seek the advice of a financial advisor. One question that tends to be top of mind when entering into a reverse mortgage is whether the reverse mortgage can be stopped once papers are signed. Can you stop a reverse […]

How Do You Pay Back a Reverse Mortgage?
May 16, 2017

How Do You Pay Back a Reverse Mortgage?

The answer to this question depends on your specific situation. The Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is federally regulated and insured by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). HECMs make up the vast majority of reverse mortgages originated in the United […]

What is a Reverse Mortgage Purchase?
May 4, 2017

What is a Reverse Mortgage Purchase?

You may be familiar with a traditional reverse mortgage; however, did you know that a reverse mortgage can also be used to buy a home? It’s called a Home Equity Conversion Mortgage (HECM) for purchase, and is sometimes referred to as a reverse mortgage purchase loan. A HECM for purchase allows seniors age 62 and […]

How Boomers Are Managing the Cost of Retirement
April 27, 2017

How Boomers Are Managing the Cost of Retirement

Most boomers are taking steps to manage their spending and secure their nest egg. However, according to a recent study from the Bankers Life Center for a Secure Retirement, this may not be enough. In the years that followed the Great Recession, millions of middle-income Americans suffered severe financial setbacks. The Bankers Life study reported […]

Surprising Facts About Social Security
April 19, 2017

Surprising Facts About Social Security

For many Americans, social security benefits are a vital part of their retirement income plan. Therefore, it’s important to understand the rules and stay informed of any changes. Below are a few lesser-known facts about social security that may surprise you.1 Did you know that unmarried children under the age of 18 can receive benefits? […]