How Much Money Do You Get From a Reverse Mortgage?
August 21, 2019

How Much Money Do You Get From a Reverse Mortgage?

One of the first questions borrowers may ask when inquiring about a reverse mortgage is “how much money can I get?” Generally speaking, the amount you may be eligible to receive depends on the following: Current interest rates Appraised value of your home Any existing loans against the property Age of the youngest person on […]

Financial Options with High Home Values
August 16, 2019

Financial Options with High Home Values

When home prices are on the rise, it opens the opportunity to an array of financial options for homeowners.  Whether you are looking to borrow money, plan for retirement, or just live a little more comfortable, it may be a good time to begin exploring your options.  Here are some things to consider with the […]

Jumbo Reverse Mortgages
August 7, 2019

Jumbo Reverse Mortgages

Jumbo reverse mortgages, sometimes referred to as proprietary reverse mortgages, are designed to help owners of higher-value homes convert a portion of their home’s equity into funds needed for retirement. A jumbo reverse mortgage may be a better solution for a borrower if their home value is appraised above the traditional Home Equity Conversion Mortgage […]

Savings and Retirement: Will you have enough money?
July 31, 2019

Savings and Retirement: Will you have enough money?

A recent study done by the Employee Benefit Research Institute and independent research firm Greenwald & Associates, indicates that Americans are the most confident in their retirement future since the financial crisis of 2008.1 However, the study also shed light on the fact that many have not calculated how much they will need in terms […]

Boomers Aging in Place
July 24, 2019

Boomers Aging in Place

Traditionally, growing older meant moving from the home where you raised your kids and downsizing to a smaller house in a warmer climate. However, recent trends show baby boomers are deciding to age in place. The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by […]

Line of Credit Options in Retirement
July 8, 2019

Line of Credit Options in Retirement

There are many options when it comes to borrowing money it can be difficult deciding which option is best for you and your financial needs.  Many seniors consider using a line of credit to help supplement their needs in retirement.  Let’s take a look at some of the popular line of credit options that are […]

Important Things To Know About Reverse Mortgages
June 17, 2019

Important Things To Know About Reverse Mortgages

A recent article about reverse mortgages was posted on The Week, which provided some important details about the loan product.   A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan1 which enables you to access a portion of our home’s equity without having to make […]

Reverse Mortgage Safeguards and Borrower Protections
May 31, 2019

Reverse Mortgage Safeguards and Borrower Protections

Your home is probably one of your largest assets so it’s understandable that choosing to get a loan or tap into your home’s equity is a big decision.  If you’re a senior homeowner researching financial options, it may be helpful to learn about the built in safeguards that protect you as a borrower if you […]

What to Expect During the Reverse Mortgage Appraisal
May 24, 2019

What to Expect During the Reverse Mortgage Appraisal

Part of the reverse mortgage process includes having an appraisal performed on your home. The proceeds from a reverse mortgage are determined using your age and the value of your home. The appraisal will help establish your home’s value. Why do I need an appraisal? An appraisal is required by the Federal Housing Administration (FHA) […]

Does Bank of America Do Reverse Mortgages?
May 16, 2019

Does Bank of America Do Reverse Mortgages?

When people think of getting for a loan, they often start with the big banks.  That thinking applies to reverse mortgages as well.  By 2009 and 2010, Wells Fargo, Bank of America, and MetLife Bank were the top three reverse mortgage lenders.1 Unlike Wells Fargo, Bank of America was not a big player in the […]