Despite saving less money for retirement, many older adults are still hesitant about tapping into their home equity with a reverse mortgage due to misconceptions about how a reverse mortgage works.  A reverse mortgage is a Federal Housing Administration (FHA) insured loan1 that allows homeowners, age 62 and older, to access a portion of their home equity while eliminating their monthly mortgage...

Emergency funds are just as important during retirement as when you were in the workforce.  Prior to retirement, your emergency fund was there to help if you lost your job or had another unexpected expense occur.  That doesn’t stop because you are retired.  Instead, once you stop working, there will be a shift in both what it will be used for and how you will be able to supplement it.  You will...

Recent data suggests that retirees are using their home equity to help fund their retirements.  In most cases, retirees are opting to move to less expensive areas which can free up their home equity, and in some cases, rival or even exceed their retirement and 401k savings1. What if your retirement plans involve staying in your home and aging in place?  Did you know that a reverse mortgage will...

Healthcare costs in the United States are amongst the highest costs in the world.  In 2021, U.S. healthcare spending reached $4.3 trillion, which averages to about $12,900 per person.1 You can expect healthcare to be a significant expense during retirement.  If you’re planning for or near retirement, you may need to adjust your goals when saving for out-of-pocket medical expenses because your...

Most older adults would like to age in place, but what if their current home isn’t their ideal retirement home?  Whether they are looking to right size into a home where they can enjoy living in an older adult community that requires lower maintenance, live closer to family and friends, or want to lower their cost of living during retirement, a Home Equity Conversion Mortgage (HECM) may be able...