A Mortgage in Retirement
February 13, 2019

A Mortgage in Retirement

If you are among the 27% of retirees whose debt is negatively impacting your ability to live comfortably,1 your relaxing retirement might be overshadowed by financial stress. Many seniors actually carry their mortgage into retirement. In fact, 44% of Americans between the ages of 60 and 70 have a mortgage when they retire; and, 17% […]

Is a Reverse Mortgage a Good Thing?
January 31, 2019

Is a Reverse Mortgage a Good Thing?

If you’re researching different ways to access your home equity you may be wondering, “are reverse mortgages a good thing?” A reverse mortgage might be a good option if: You want to eliminate your monthly mortgage payment.1 If you are still paying off your conventional mortgage on your home, replacing it with a reverse mortgage […]

How Much Money Do You Get From A Reverse Mortgage?
January 17, 2019

How Much Money Do You Get From A Reverse Mortgage?

A reverse mortgage is a loan for seniors 62 years old or older. The loan may allow senior homeowners to leverage their home equity by accessing a portion of it as cash. Reverse mortgages may help to lessen the financial stress for retirees who are worried about outliving their retirement savings. The first question that […]

Getting Out of a Reverse Mortgage
January 11, 2019

Getting Out of a Reverse Mortgage

There are many articles that discuss the pros and cons of a reverse mortgage; however, what do you do if you have decided to obtain a reverse mortgage but your circumstances suddenly change? If you have chosen to get a reverse mortgage, or you are in the process of securing one, there are still options […]

Up Front Costs of A Reverse Mortgage
January 3, 2019

Up Front Costs of A Reverse Mortgage

When researching reverse mortgages, a key question that comes up is what are the fees associated with the loan. Reverse mortgages that are insured by the federal government, specifically the Federal Housing Administration (FHA), are called Home Equity Conversion Mortgages (HECMs).  The fees for HECMs are strictly regulated to ensure borrowers are not overcharged.  A […]

FHA Increases Max Claim Amount for Reverse Mortgages in 2019
December 28, 2018

FHA Increases Max Claim Amount for Reverse Mortgages in 2019

The U.S. Department of Housing and Urban Development (HUD) recently announced an increase to the Maximum Claim Amount (MCA) for reverse mortgages effective January 1, 2019.1 The MCA will increase by nearly $50,000 from $679,650 to $726,525. This means borrowers with high home values may be eligible to access more home equity than they have […]

Is a Reverse Mortgage a Good Idea?
December 19, 2018

Is a Reverse Mortgage a Good Idea?

There is a lot of conflicting information about Reverse Mortgages on the internet. Some experts think that a reverse mortgage loan, also known as a Home Equity Line of Credit (HECM), is a great financial planning tool for senior homeowners while others believe it poses some risks. If you have been looking into financial options […]

An Example of the Reverse Mortgage Process
December 14, 2018

An Example of the Reverse Mortgage Process

The reverse mortgage process is similar to that of a conventional loan. This example will help you understand what to expect. Meet Jane and Harry and follow them through their reverse mortgage process in the story below. Jane and Harry are retired. They have enough money to cover their living expenses in retirement, but Jane […]

Get Cash with a Reverse Mortgage
December 7, 2018

Get Cash with a Reverse Mortgage

It’s that time of year when financial stress can creep up on you. According to the National Retail Federation, consumers plan to spend an average of $1,007 for items such as decorations, candy, and gifts this holiday season.1 This expense, added to that of travel and having company, can weigh heavily on your mind and […]

Reverse Mortgages in Florida
November 29, 2018

Reverse Mortgages in Florida

Florida, well known as the Sunshine State, is a favorite retirement spot for many reasons. From its white sand beaches and sunny weather to its low cost of living, Florida has the amenities and comforts that many seniors wish for in retirement. According to the United States Census Bureau, 421,778 adults 65 years old+ call […]