Enhancing Retirement with a Reverse Mortgage
February 13, 2020

Enhancing Retirement with a Reverse Mortgage

Many Americans may be operating under the assumption that they will have fewer expenses in retirement.  However, the opposite could be true once you factor in medical and housing costs.  With Social Security often covering only about 40% of former wages, baby boomers may experience a gap in funds. A recent study found that 66% […]

Reasons To Get A Reverse Mortgage
February 6, 2020

Reasons To Get A Reverse Mortgage

Many seniors entering retirement often question “will I have enough money?”  It can be a particularly important question especially for those who plan to rely on Social Security which hasn’t necessarily kept up with the cost of living.  With potential cost increases, such as healthcare, utilities, and home maintenance, many retirees can be left struggling […]

Renovate or Relocate: Using a Reverse Mortgage to Age in Place or Right-Size
January 30, 2020

Renovate or Relocate: Using a Reverse Mortgage to Age in Place or Right-Size

Baby boomers who are approaching retirement may find themselves in a home that is not friendly for aging in place.  Or, if they are in the right home, they may struggle to pay for renovations and may choose to move and right-size into a more appropriate home.  One financial option that could help answer key […]

High Home Values and a Jumbo Reverse Mortgage
January 22, 2020

High Home Values and a Jumbo Reverse Mortgage

Home values have been on the rise over the past few years, with the 2019 median home value in the US being $244,045, which is a 3,7% increase over the previous year.1 However, home values can differ greatly depending on where you live.  Here’s a look at the top ten states with the highest median […]

Reverse Mortgage: How Does it Work?
January 14, 2020

Reverse Mortgage: How Does it Work?

Many seniors may find themselves struggling financially in retirement. A reverse mortgage loan may help in these situations.  Reverse mortgages work differently from traditional mortgages because they convert your home equity into a source of income that you can draw from rather than a loan that requires monthly payments to the lender or bank.  So […]

Ways to Receive a “Paycheck” Throughout Retirement
January 8, 2020

Ways to Receive a “Paycheck” Throughout Retirement

When you retire, your paychecks stop, but your expenses will continue. The need to create a reliable source of income during your retirement may take some planning and strategic choices.  Here are some ways you could still receive money in your golden years: Social Security The earliest an individual can start receiving social security benefits […]

Reasons to Refinance your Reverse Mortgage
December 31, 2019

Reasons to Refinance your Reverse Mortgage

Seniors who took out a reverse mortgage on their home in previous years may find that their home value has increased.  These rising home values and an increased max claim amount for Home Equity Conversion Mortgages (HECMs) could make it the right time to consider refinancing.  What borrowers may not realize is that there is […]

House-Rich and Cash-Poor?  A Reverse Mortgage Can Help
December 24, 2019

House-Rich and Cash-Poor? A Reverse Mortgage Can Help

Having enough funds to support long-term needs is an ever-increasing concern for seniors. Those who purchased their home in booming housing markets, like California, may find themselves house-rich and cash-poor.  This means that they have more equity locked into the value of their home than they have in liquid assets. Reverse mortgage loans were created […]

Loan Limits Increase for Reverse Mortgages in 2020
December 18, 2019

Loan Limits Increase for Reverse Mortgages in 2020

The U.S. Department of Housing and Urban Development (HUD) has announced there will be an increase to the Maximum Claim Amount (MCA) for reverse mortgages effective January 1, 2020.1 The MCA will increase almost $40,000 from $726,535 to $765,600. The new limit allows borrowers with higher home values to access more equity than what was […]

HECM Counseling Tips
December 10, 2019

HECM Counseling Tips

Once a borrower decides to get a reverse mortgage loan, part of the process will include a loan counseling session. This requirement was introduced to confirm that the borrower(s) fully understand the features, benefits, and the obligations it comes with.  During the session a counselor certified by the U.S. Department of Housing and Urban Development […]