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Fixed Income, Holiday Spending, and a Reverse Mortgage

As the holiday season kicks off, the National Retail Federation expects holiday spending to be healthy even with recent inflationary challenges. They are forecasting holiday retail sales during November and December will grow 6% to 8% over 2021 to between $942.6 billion and $960.4 billion. Holiday retail sales have averaged an increase of 4.9% over the past ten years, with pandemic spending in...

Aging in Place with a Reverse Mortgage

When planning for retirement, a topic not to be overlooked is where do you want to live in your golden years?  It was common for older adults to give up their bigger homes and move into smaller houses, allowing the younger generation to purchase these houses.  However, data from a recent survey shows that 77 percent of older adults want to remain in their homes as they grow older.1 With many...

Reverse Mortgage: What are the Upfront Costs?

A question that comes up when older adults are researching a Home Equity Conversion Mortgage (HECM) is, ‘What are the fees associated with the loan?’  And, maybe more important is what are the upfront fees versus what you pay over the life of the loan. A benefit with HECMs is that their up-front costs can be financed into the loan, keeping in mind interest will accrue on these fees over time if...

Fixed Income: Can a Reverse Mortgage Help?

Americans are experiencing soaring prices for food, gas, and utilities, and for those on a fixed income, it can be a struggle to make ends meet.  For the first time since February of 19821, the annual inflation rate is at a crippling 8.2% as of September 20222. Older adult homeowners who are living on fixed incomes and struggling to make ends meet, may not realize their home equity may be able to...

Retirement Savings: Will You have Enough?

According to a recent study, the majority of pre-retirees and retirees reported having “modest” retirement savings, with the average amount reported as $128,000. The lifetime income a retiree will receive from this saved amount, even when combined with Social Security benefits, will be much less than their pre-retirement income. As a result, most pre-retirees won’t have enough retirement income...